Agenda

Papers, Presentations, and Full-Length Session Videos

Time	Session
Sunday, May 19
6:00 p.m.	Opening reception and dinner
Monday, May 20
8:00 a.m.	Breakfast
8:45	Welcome Raphael Bostic, President and Chief Executive Officer, Federal Reserve Bank of Atlanta
9:00	Keynote: On Building a Resilient Regulatory Framework Session video and transcript Michael S. Barr, Vice Chair for Supervision, Board of Governors of the Federal Reserve System Moderator: Paula Tkac, Executive Vice President and Director of Research, Federal Reserve Bank of Atlanta
9:45	Policy Session 1: Domestic Liquidity Provision during Potential Crises Session video and transcript The Federal Reserve is the ultimate lender of last resort to the US financial system. Prior to the global financial crisis (GFC), the Fed provided liquidity to banks but relied on banks to channel that liquidity to nonbank sectors. During the GFC, the banking and overall financial system faced liquidity and solvency problems, forcing the Fed to take the lead role. The COVID-19 pandemic induced global dash-for-cash and the deposit run of spring 2023 saw further expansions of the Fed's liquidity provision role. In the wake of these developments, regulators have sought to strengthen banks' capital and liquidity. However, this comes at the cost of shifting more liquidity risk outside the banking sector and limiting banks' ability to assist the Fed. Among the topics to be addressed by this panel are the appropriateness of the Fed's direct provision of liquidity to stressed sectors, the circumstances under which this is permitted, and the role regulation can play in reducing liquidity risk. Moderator: Steven Kelly, Associate Director of Research, Yale Program on Financial Stability [Remarks Panelist: Luc Laeven, Director-General of Directorate General Research, European Central Bank Panelist: Susan McLaughlin, Executive Fellow, Yale Program on Financial Stability Panelist: Bill Nelson, Executive Vice President and Chief Economist, Bank Policy Institute [Presentation]
11:15	Break
11:30	Research Session 1: Global Supply Chains: The Looming "Great Reallocation" Session video and transcript Presenter: Laura Alfaro, Warren Alpert Professor of Business Administration, Harvard Business School [Presentation] Discussant: Julian di Giovanni, Department Head, Climate Risk Studies, Research and Statistics Group, Federal Reserve Bank of New York [Discussion] Moderator: Camelia Minoiu, Research Economist and Adviser, Federal Reserve Bank of Atlanta
12:30 p.m.	Box lunch and afternoon on your own
6:00	Reception
7:00	Dinner and keynote Session video and transcript Ed Glaeser, Fred and Eleanor Glimp Professor of Economics, and Chairman, Department of Economics, Harvard University [Presentation] Moderator: Raphael Bostic, President and Chief Executive Officer, Federal Reserve Bank of Atlanta

Tuesday, May 21
8:00 a.m.	Breakfast
9:10	Welcome back and Policy Session 2 Session video and transcript Raphael Bostic, President and Chief Executive Officer, Federal Reserve Bank of Atlanta Evolving Monetary Policy Transmission Mechanisms Federal Reserve monetary policy works through financial markets that have evolved in recent decades in response to changes in government policy and technology. Expansion of the Fed's balance sheet and an increase in banks' capital and liquidity requirements are among the policy changes since the global financial crisis that could change the transmission mechanism. This session will consider these and other changes that may have affected the transmission mechanism. Moderator: Frederic Mishkin, Alfred Lerner Professor of Banking and Financial Institutions, Graduate School of Business, Columbia University Panelist: John Y. Campbell, Morton L. and Carole S. Olshan Professor of Economics, Harvard University [Presentation] Panelist: Lucrezia Reichlin, Professor of Economics, London Business School [Presentation] Panelist: David Zervos, Chief Market Strategist, Jefferies LLC
10:45	Break
11:00	Research Session 2: Monetary Policy, Inflation, and Crises: Evidence from History and Administrative Data Session video and transcript Presenter: José-Luis Peydró, Professor of Finance, Imperial College Business School [Presentation] Discussant: Marc Giannoni, Managing Director and Chief US Economist, Barclays [Discussion] Moderator: Larry Wall, Economist Emeritus, Federal Reserve Bank of Atlanta
Noon	Luncheon buffet
1:30	Policy Session 3: The US Dollar in the International Financial System Session video and transcript As the world's reserve currency, the US dollar plays an important role in both the US and international financial systems. In recognition of the US dollar's global importance the Federal Reserve has long acted to support the workings of the international market for US dollars. This support reached a new level with the central bank liquidity swap lines during the global financial crisis and pandemic dash-for-cash. This session will discuss the history of how the US dollar arrived at its role in global markets, the costs and benefits associated with this role, and the extent to which the Federal Reserve is (or should be) the international lender of last resort. It will also touch upon the implications of recent geopolitical developments for the international role of the US dollar. Moderator: David Wessel, Senior Fellow in Economic Studies and Director, Hutchins Center on Fiscal and Monetary Policy, Brookings Institution Panelist: Antoine Martin, Member of the Governing Board, Swiss National Bank [Presentation] Panelist: Robert McCauley, Nonresident Senior Fellow, Global Economic Governance Initiative, Boston University, and Associate, Faculty of History, University of Oxford \| The Offshore Dollar and US Policy \| Presentation Panelist: Fabio Natalucci, Deputy Director, Monetary and Capital Markets, International Monetary Fund [Presentation]
3:00	Break
3:30	Policy Session 4: Government Absorption of Financial Risks during Crisis Session video and transcript The United States has long used government guarantees and bailouts to counter threats to financial instability, but there was a quantum increase in the size and scope of those guarantees during the global financial crisis and at the start of the pandemic. Although these recent guarantees and bailouts have been presented as "costless" or even "moneymaking" for taxpayers, these calculations ignore the risks shifted to taxpayers. This session will discuss the actual contemporaneous economic costs of guarantees and bailouts. It will also consider the extent of current guarantees and their costs and benefits. Finally, the session will consider what, if anything, may be done to scale back guarantees. Moderator: Ron Feldman, First Vice President, Federal Reserve Bank of Minneapolis Panelist: Deborah Lucas, Sloan Distinguished Professor of Finance, MIT Sloan School of Management, and Director, MIT Golub Center for Finance and Policy \| How Much Do Guarantees and Bailouts Cost the Government? \| Presentation Panelist: Phil Strahan, Finance Professor, Boston College [Discussion] Panelist: Kevin Warsh, Shepard Family Distinguished Visiting Fellow in Economics, Hoover Institution, and Lecturer, Stanford Graduate School of Business
5:00	Closing remarks Paula Tkac, Executive Vice President and Director of Research, Federal Reserve Bank of Atlanta
6:00	Reception
7:00	Dinner and keynote Session video and transcript Susan M. Collins, President and Chief Executive Officer, Federal Reserve Bank of Boston Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland Moderator: Raphael Bostic, President and Chief Executive Officer, Federal Reserve Bank of Atlanta
Wednesday, May 22
5:45 a.m.	Breakfast and departure (breakfast served through 10 a.m. in conference center)