It was a real pleasure to attend the conference (agenda here). Incredibly informative and stimulating – sometimes I think I know a lot about a topic, but conferences like this disabuse me of that idea.
I’m adding links to unedited versions of the papers presented today, below:
Words of Welcome
Chair: Beth Anne Wilson (Federal Reserve Board)
Christopher J. Waller, Governor, Federal Reserve Board
Session 1: Global Investors
Session 2: Geoeconomics and the US dollar
Presenter: Linda Goldberg (Federal Reserve Bank of New York)
Narrator: Menzie Chinn (University of Wisconsin Madison)
Panel: Global Payment Systems and International Implications
Keynote Address
I had seen one paper presented earlier (“…International Layoffs”), but everything else was a revelation. Jansen’s paper documented how bond holdings – the US spot and the Euro – responded to the dollar’s rise. “Broker risk…” introduced a model for fx supply, demand and intermediaries, with fully determined risk limits. What is important is that desk limits increase the decline due to demand shocks. The keynote speech of Stijn Claessens provided the destination of the dollar as an international currency, considering how certain dimensions in Kenen’s typology of money can be considered as market mediation (store of value and place of exchange) while others are not (unit of account). High quality discussions of the papers around (very useful for those of us who are for example not familiar with the literature on microeconomic models of stock markets).
I can’t do a complete review, but one can get an idea from the papers. A summary of the meeting two years ago, here.
Besides: a big side benefit of being at a conference in person is that you get to talk to interviewers and other participants about what they’re working on. It’s very difficult to do zooming in. More thoughts on tomorrow’s post.
Source link