I am very happy to attend this meeting (agenda here). Incredibly informative and stimulating – sometimes I think I know a lot about a topic, but sessions like this make me disabuse myself of that idea.
I've added a link below to an ungated version of the paper submitted today:
welcome speech
Chair: Beth Anne Wilson (Federal Reserve Board of Governors)
Christopher J. Waller, Governor of the Federal Reserve Board
Section 1: Global Investors
Section 2: Geoeconomics and the US Dollar
host: Linda Goldberg (Federal Reserve Bank of New York)
discussant: Menzie Chinn (University of Wisconsin-Madison)
Panel discussion: Global payment systems and their international implications
host: Michelle Neal, Federal Reserve Bank of New York
Tobias Adrian (International Monetary Fund)
Morten Bech (Bank for International Settlements)
Joyce Zhang (JPMorgan Chase)
Wenxin Du (Columbia University)
Jay Shambaugh (U.S. Treasury Department)
Section 3: Dealer Risks
Meeting Chairman: Juan M. Londono (Federal Reserve)
Trader Risk Limits and Currency Rewards
host: Hillary Stein (Federal Reserve Bank of Boston)
Discussant: Amy Wang Huber (University of Pennsylvania)
Keynote Speech
Stijn Claessens (Yale University)
Organized by Richard Belt, Linda Goldberg, John London, Fabriola Ravazzola.
I'd seen one paper before (“…International Austerity”), but everything else was a revelation. Jensen's paper documents how U.S. and euro area bond holdings respond to dollar appreciation. “Dealer Risk…” proposes a model of FX supply, demand and intermediaries, with endogenously determined risk limits. The point is that desk restrictions amplify depreciation in response to demand shocks. Stijn Claessens' keynote address provided a perspective on the US dollar as an international currency, considering how certain dimensions in Kennan's monetary typology are considered market intermediaries (stores of value and medium of exchange), while others are not (units of account). High-quality discussion of papers from various places (particularly helpful for those of us unfamiliar with the dealer market microeconomic modeling literature).
I can't do an exhaustive review, but one can get an idea from the paper. Looking back at the meeting two years ago, here.
Plus: A great side benefit of attending a conference in person is that you get to talk to the discussants and other participants about what they're working on. It's much harder to do that over Zoom. Some thoughts in tomorrow’s post.
