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Day 1 of the Third Conference on the International Role of the US Dollar

by xyonent
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I was really happy to be able to participate in the conference (Click here for the agenda). Incredibly informative and inspiring. Sometimes you think you know a lot about a subject, but conferences like this make you forget that concept.

I’ll add a link below to the ungated version of the paper published today.

Welcome speech

Chair: Beth Ann Wilson (Board of Governors of the Federal Reserve System)

Christopher J. Waller, President of the Federal Reserve Board

Session 1: Global Investor

Session 2: Geoeconomics and the US dollar

Presenter: Linda Goldberg (Federal Reserve Bank of New York)
Discussant: Menzie Chin (University of Wisconsin-Madison)

Panel: Global Payment Systems and International Impact

keynote speech

I had seen one paper previously published (“…International Retrenchment”), but everything else was a revelation. Janssen’s paper documented how U.S. and euro area bond holdings responded to the dollar’s strength. In “Dealer Risk…” we presented a model of FX supply, demand and intermediaries with endogenously determined risk limits. In short, the theoretical limit amplifies depreciation in response to demand shocks. In his keynote speech, Stein Claassens discussed how certain aspects of Kennen’s monetary typology can be considered as market intermediaries (stores of value and medium of exchange) while others are not, and how international We explored the horizon of the dollar as a currency (unit of account). High-quality discussion of all papers (particularly useful for those new to literature such as microeconomic models of dealer markets).

I had the opportunity to discuss “” with Linda Goldberg and Oliver Hanaoui.Dollar share…”, this influenced some of our thinking about the study. There is a link to the paper above, but unfortunately there are no slides for comment here.

Although it is not possible to give an exhaustive review, you can get some ideas from the paper. Click here for an overview of the meeting two years ago.

Aside: A great side benefit of attending a conference in person is being able to talk with discussants and other attendees about what they’re working on. That’s much harder to do over Zoom. More thoughts in tomorrow’s post.

This entry was posted in by Menzie Chin.

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