Joint Central Banker's Conference: Day Ahead Conference - November 15, 2012

Interactions Between Monetary Policy, Fiscal Policy, and Financial Stability

Conference jointly sponsored by the Bank of Canada, the Swiss National Bank, the Federal Reserve Bank of Cleveland, and the Federal Reserve Bank of Atlanta

Agenda

Thursday, November 15

Welcome remarks
David Altig, Senior Vice President and Director of Research, Federal Reserve Bank of Atlanta

Session 1: Monetary and Fiscal Policy Interactions in Low Interest Rate Environments

"Fiscal Multipliers under an Interest Rate Peg of Deterministic vs. Stochastic Duration" pdf
Charles Carlstrom, Federal Reserve Bank of Cleveland

"Fiscal Multipliers in Low Interest Rate Environments"
R. Anton Braun, Federal Reserve Bank of Atlanta
Background reading: Working Paper 2012-5a pdfWorking Paper 2011-9 pdf

Session 2: Financial Stability and Fiscal Policy in Europe: The Examples of Spain and Switzerland (Presentations and Roundtable Discussion)

Jorge Sicilia, BBVA
Juan Rubio-Ramirez,
Duke University
Daniel Heller, Swiss National Bank [Presentation] pdf

Session 3: Current Issues in Financial Stability and Monetary Policy

"The Liquidity Coverage Ratio and Monetary Policy Implementation"
Todd Keister, Rutgers University

"Repos, Fire Sales, and Bankruptcy Policy" pdf
Ed Nosal, Federal Reserve Bank of Chicago

Session 4: Interactions Between Monetary Policy, Fiscal Policy, and Financial Policy (Presentations and Roundtable Discussion)

Participants: James Bullard, President, Federal Reserve Bank of St. Louis; Allan Crawford, Adviser to the Governor, Bank of Canada; and Thomas Moser, Member, Enlarged Governing Board of the Swiss National Bank

Reception, New Orleans Branch building

Presentation and general discussion
Dennis Lockhart, President of the Federal Reserve Bank of Atlanta