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Papers, Presentations, and Full-Length Session Videos

Keynote Address: Roger W. Ferguson Jr.
Introduction and Moderation: Raphael Bostic, president and chief executive officer, Federal Reserve Bank of Atlanta
Speaker: Roger W. Ferguson Jr., Steven A. Tananbaum Distinguished Fellow for International Economics, Council on Foreign Relations

Keynote Address: Kenneth Rogoff
Speaker: Kenneth Rogoff, Thomas D. Cabot Professor of Public Policy and professor of economics, Harvard University
Moderator: Sheila Tschinkel, Emory University

Keynote Address: Charles Goodhart and Manoj Pradhan
Introduction and Moderation: Raphael Bostic, president and chief executive officer, Federal Reserve Bank of Atlanta
Speaker: Charles Goodhart, emeritus professor of banking and finance, Financial Markets Group, London School of Economics
Speaker: Manoj Pradhan, founder, Talking Heads Macroeconomics
[Presentation Adobe PDF file format]

Keynote Address: Raphael Bostic
Speaker: Raphael Bostic, president and chief executive officer, Federal Reserve Bank of Atlanta
Moderator: Julia Coronado, founder MacroPolicy Perspectives and clinical associate professor, University of Texas

Policy Sessions
Which CBDC, If Any, Is Right for the United States?
Central bank digital currency (CBDC) has evolved from a topic that central banks were merely studying to something that many are moving to develop and implement. However, CBDCs come in many forms that advance different policy goals to varying degrees. This session will discuss how different central banks are moving to adopt the version best-suited to its mix of goals. In light of their experiences, it will also consider whether the United States should adopt a CBDC and, if so, in what form.
Moderator: Nellie Liang, undersecretary for domestic finance, US Department of the Treasury [Remarks Adobe PDF file format | PresentationAdobe PDF file format| ]
Presenter: Charles Kahn, professor emeritus of finance and economics, University of Illinois [Research paper Adobe PDF file format | Presentation Adobe PDF file format]
Discussant: Paul Kupiec, senior fellow, American Enterprise Institute (AEI) [RemarksOff-site link | Policy Hub Paper Abstract | Policy Hub Paper Adobe PDF file format ]
Discussant: David Mills, associate director, Federal Reserve Board of Governors, Division of Reserve Bank Operations and Payment Systems [Presentation Adobe PDF file format]

ESG and Money Management
Investment managers face increasing pressure from clients and governmental organizations to apply environmental, social, and corporate governance (ESG) standards. However, this raises practical issues for those who invest. How does one measure a firm's ESG performance? Should investors dump firms with low ESG ratings or engage with their managers to encourage improving performance? How does following ESG principles affect the risk and return on an investor's portfolio? How should ESG investors measure their performance and how should investment managers report their ESG performance to clients? This panel will address applied issues that arise for investors who want to implement ESG principles.
Presenter: Laura Starks, George Kozmetsky Centennial University Distinguished Chair, McCombs School of Business, University of Texas
[Research paper Adobe PDF file format | Presentation Adobe PDF file format]
Moderator: S.P. Kothari, Gordon Y. Billard Professor of Accounting and Finance, Massachusetts Institute of Technology
Discussant: Lukasz Pomorski, head of ESG research and managing director, AQR Capital Management
Discussant: Mikhaelle Schiappacasse, partner, Dechert LLP

Cyber Risk in the Financial Sector
Virtually every institution is at some risk of a cyberattack. Financial institutions are especially high-value targets given their central place in modern economies and the potential profitability of stealing their assets. This session will provide a high-level discussion of the evolving threat environment. The discussion will then consider measures financial firms can take to protect themselves from cyber risks inside and outside their perimeters. Finally, it will consider measures financial regulators and central banks are taking to strengthen the financial system's resilience.
Moderator: Patricia Mosser, director of the MPA program in economic policy management, Columbia University's School of International and Public Affairs
Panelist: Stacey Schreft, deputy director of research and analysis at the US Department of Treasury, Office of Financial Research (OFR) and currently on assignment to the Federal Reserve Board [Presentation Adobe PDF file format]
Panelist: Jason Healey, senior research scholar, Columbia University School of International and Public Affairs [Presentation Adobe PDF file format]

Monetary Policy and Financial Stability Challenges During Balance Sheet Normalization
With the Fed's balance sheet now in excess of 30 percent of GDP, balance sheet policy and principles could have implications for both monetary policy and financial markets. Should the balance sheet be managed independently of the monetary policy rate? How might balance sheet normalization affect financial markets and the yield curve? Will the Fed's overnight reverse repo and standing repo facilities be the guardrails that ensure control of the policy rate and monetary stability? This session examines these and other timely issues around the Fed's balance sheet policy.
Moderator: Vincent Reinhart, chief economist and macro strategist, Dreyfus-Mellon [Presentation Adobe PDF file format]
Panelist: Seth Carpenter, managing director and chief global economist, Morgan Stanley
Panelist: Loretta Mester, president and chief executive officer, Federal Reserve Bank of Cleveland
Panelist: Brian Sack, managing director, D.E. Shaw and Co, LP
Panelist: Jeremy Stein, Moise Y. Safra professor of economics, Harvard University

Research Sessions
Dissecting Green Returns Off-site link
Presenter: Lubos Pastor, Charles P. McQuaid professor of finance, University of Chicago Booth School of Business [Presentation Adobe PDF file format]
Discussant: Anna Pavlova, professor of finance, London Business School [Presentation Adobe PDF file format]
Moderator: Paula Tkac, senior vice president and associate research director, Federal Reserve Bank of Atlanta
Unexpected Supply Effects of Quantitative Easing and Tightening Adobe PDF file format
Presenter: Stefania D'Amico, senior economist and economic advisor, Federal Reserve Bank of Chicago [Presentation Adobe PDF file format]
Discussant: Morten Bech, Centre Head–Switzerland, Bank for International Settlements (BIS) [Presentation Adobe PDF file format]
Moderator: Mark Jensen, vice president and senior economist, Federal Reserve Bank of Atlanta