Do Changes in the Economic Landscape Require a New Policy Framework?


Friday, April 21, 2017


Federal Reserve Bank of San Francisco

Welcoming Remarks and Introduction
John C. Williams, President, Federal Reserve Bank of San Francisco

Lawrence H. Summers, Harvard University

David Wessel, Brookings Institution

Morning Session Chair: Òscar Jordà, Federal Reserve Bank of San Francisco

The Role of the Growth of Risk-Averse Wealth in the Decline of the Safe Real Interest Rate

Robert E. Hall, Stanford University

Martin S. Eichenbaum, Northwestern University

Download paper (Hall) (pdf, 859 kb)
Download slides (Hall) (pdf, 2 mb)

Download discussion slides (Eichenbaum) (pdf, 2 mb)

Global Real Rates: a Secular Approach

Pierre Olivier Gourinchas, University of California, Berkeley
Hélène Rey, London Business School

Linda L. Tesar, University of Michigan

Download paper (Gourinchas) (pdf, 1 mb)
Download slides (Gourinchas) (pdf, 964 kb)

Download discussion slides (Tesar) (pdf, 929 kb)

Afternoon Session Chair: Fernanda Nechio, Federal Reserve Bank of San Francisco

A Model of Secular Stagnation: Theory And Quantitative Evaluation

Gauti B. Eggertsson, Brown University
Neil R. Mehrotra, Brown University
Jacob A. Robbins, Brown University

Andrea Ferrero, Oxford University

Download paper (Eggertsson) (pdf, 1 mb)

Download discussion slides (Ferrero) (pdf, 849 kb)

Demographic Trends and the Real Interest Rate

Noëmie Lisack, Bank of England 

Rana Sajedi, Bank of England
Gregory Thwaites, Bank of England

Ṣebnem Kalemli-Özcan, University of Maryland

Download paper (Thwaites) (pdf, 3 mb)
Download slides (Thwaites) (pdf, 1004 kb)

Download discussion slides (Kalemli-Özcan) (pdf, 607 kb)

Monetary Policy in the 21st Century: Lessons from Asia, Europe, and America. A panel discussion

Alan M. Taylor, University of California, Davis

Donald L. Kohn, Brookings Institution
Lawrence Schembri, Bank of Canada
Sayuri Shirai, Asian Development Bank Institute

Download discussion slides (Shirai) (pdf, 4 mb)