Challenges to Financial Stability in a Low Interest Rate World

Annual International Journal of Central Banking Research Conference

November 21-22, 2016

Hosted by Federal Reserve Bank of San Francisco


Program (pdf)

Monday, November 21, 2016
8:30Registration and Coffee
9:00Opening Remarks, John Williams, Federal Reserve Bank of San Francisco (presentation)
Session I: Low Interest Rates: Causes and Consequences
Chair: John Williams, Federal Reserve Bank of San Francisco
9:20

Secular Drivers of the Global Real Interest Rate

Lukasz Rachel, Bank of England
Thomas D. Smith, Bank of England

Discussant: Pierre-Olivier Gourinchas, University of California, Berkeley

10:20Coffee
10:40

Monetary Policy, the Financial Cycle and Ultra-low Interest Rates

Mikael Juselius, Bank of Finland
Claudio Borio, Bank for International Settlements
Piti Disyatat, Bank of Thailand
Mathias Drehmann, Bank for International Settlements

Discussant: Marc Giannoni, Federal Reserve Bank of New York

11:40

Commentator: Robert Hall, Stanford University

12:00General Discussion
12:30Lunch
Session II: Policies for Crises Prevention and Management
Chair: Rafael Repullo, CEMFI and IJCB Co-Editor
13:45

Macroprudential Policy Under Uncertainty

Saleem Bahaj, Bank of England
Angus Foulis, Bank of England (presentation)

Discussant: Francois Gourio, Federal Reserve Bank of Chicago

14:45

Lower Bound Beliefs and Long-Term Interest Rates

Christian Grisse, Swiss National Bank
Signe Krogstrup, IMF (presentation)
Silvio Schumacher, Swiss National Bank

Discussant: Jim Hamilton, University of California, San Diego

16:15

Capital Injection to Banks versus Debt Relief to Households

Jinhyuk Yoo, Bank of Korea (presentation)

Discussant: Atif Mian, Princeton University

17:15

Commentator: Arvind Krishnamurthy, Stanford University

17:35General Discussion
18:00Reception and Dinner
Tuesday, November 22, 2016
8:30Coffee
Session III: Monetary Policy and Financial Stability
Chair: Harrison Hong, Columbia University and IJCB Co-Editor
9:00

Leaning Against the Wind when Credit Bites Back

Karsten R. Gerdrup, Norges Bank (presentation)
Frank Hansen, Norges Bank
Tord Krogh, Norges Bank
Junior Maih, Norges Bank

Discussant: Carl Walsh, University of California, Santa Cruz

10:00Coffee
10:30

Monetary Policy, Private Debt and Financial Stability Risks

Gregory H. Bauer, Bank of Canada
Eleonora Granziera, Bank of Finland (presentation)

Discussant: Oscar Jorda, Federal Reserve Bank of San Francisco

11:30

Commentator: Lars Svensson, Stockholm School of Economics (presentation)

11:50General Discussion
12:30Lunch

Conference Organizers:

Harrison Hong, Columbia University and IJCB Co-Editor
Rafael Repullo, CEMFI and IJCB Co-Editor
Loretta Mester, Federal Reserve Bank of Cleveland and IJCB Managing Editor
John Williams, Federal Reserve Bank of San Francisco and former IJCB Managing Editor (2011 - 2016)

IJCB Administrative Contact: Karen M. Barnes, Federal Reserve Bank of San Francisco

Updated on December 8, 2016.