Do Changes in the Economic Landscape Require a New Policy Framework?

Friday, April 21, 2017
Federal Reserve Bank of San Francisco

Welcoming Remarks and Introduction
John C. Williams, President,?Federal Reserve Bank of San Francisco

Speaker
Lawrence H. Summers, Harvard University

Interviewer
David Wessel, Brookings Institution

Morning Session Chair: òscar Jordà, Federal Reserve Bank of San Francisco

The Role of the Growth of Risk-Averse Wealth in the Decline of the Safe Real Interest Rate

Robert E. Hall, Stanford University

Discussant:
Martin S. Eichenbaum, Northwestern University

Download paper (Hall) (pdf, 859 kb)
Download slides (Hall) (pdf, 2 mb)

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Global Real Rates: a Secular Approach

Pierre Olivier Gourinchas, University of California, Berkeley
Hélène Rey, London Business School

Discussant:
Linda L. Tesar, University of Michigan

Download paper (Gourinchas) (pdf, 1 mb)
Download slides (Gourinchas) (pdf, 964 kb)

Download discussion slides (Tesar) (pdf, 929 kb)

Afternoon Session Chair: Fernanda Nechio, Federal Reserve Bank of San Francisco

A Model of Secular Stagnation: Theory And Quantitative Evaluation

Gauti B. Eggertsson, Brown University
Neil R. Mehrotra, Brown University
Jacob A. Robbins, Brown University

Discussant:
Andrea Ferrero, Oxford University

Download paper (Eggertsson) (pdf, 1 mb)

Download discussion slides (Ferrero) (pdf, 849 kb)

Demographic Trends and the Real Interest Rate

No?mie Lisack, Bank of England ?
Rana Sajedi, Bank of England
Gregory Thwaites, Bank of England

Discussant:
?ebnem Kalemli-?zcan, University of Maryland

Download paper (Thwaites) (pdf, 3 mb)
Download slides (Thwaites) (pdf, 1004 kb)

Download discussion slides (Kalemli-?zcan) (pdf, 607 kb)

Monetary Policy in the 21st Century: Lessons from Asia, Europe, and America. A panel discussion

Moderator:
Alan M. Taylor, University of California, Davis

Donald L. Kohn, Brookings Institution
Lawrence Schembri, Bank of Canada
Sayuri Shirai, Asian Development Bank Institute

Download discussion slides (Shirai) (pdf, 4 mb)