2011 US Monetary Policy Forum

February 25, 2011 - New York

This annual conference brings together academics, market economists, and policy makers. The conference is sponsored by the Initiative on Global Markets at the University of Chicago Booth School of Business.


The conference began with the 2011 report titled "Stressed Out: Macroprudential Principles for Stress Testing," which explores the design of stress tests and the lessons that can be drawn from the previous tests in the United States and Europe. The Dodd-Frank bill requires the Federal Reserve to begin doing annual stress tests. The report was written by David Greenlaw (Morgan Stanley), Anil Kashyap (University of Chicago), Hyun Song Shin (Princeton University), and Kim Schoenholtz (New York University).

The report was discussed by the following:

  • Peter Diamond, MIT and co-recipient of the most recent Nobel Prize in economics
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  • Jeffrey Lacker, president, Federal Reserve Bank of Richmond

It was moderated by Stephen G. Cecchetti, economic adviser and head of the monetary and economic department at the Bank for International Settlements.

The lunch address, "Challenges for Central Banks," was delivered by Donald Kohn, recently retired vice chairman of the Board of Governors of the Federal Reserve who currently is a senior fellow, economics studies, at the Brookings Institution.

The meeting concluded with a panel discussion on "unconventional monetary policy," moderated by Steve Liesman, CNBC senior economics reporter, and featured:

  • Charles Bean, deputy governor of the Bank of England
  • Vítor Constâncio, vice president of the European Central Bank
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  • Janet Yellen, vice chairman of the Board of Governors of the Federal Reserve
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 The full participant list is available here.