IMFS_2009_to_2013_web

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11.-12.06.2009 Conference on “Inflation targeting twenty years on” Organized by Stefan Gerlach David Cobham (Heriot-Watt University, Edinburgh) Øyvind Eitrheim (Norges Bank) Jan F. Qvigstad (Norges Bank) The IMFS and the Norges Bank jointly organized a conference in Oslo on “Inflation targeting twenty years on”, as 20 years earlier, New Zealand was the first country to adopt inflation targeting (IT) in its formal definition and first announced a consumer price index (CPI) inflation target in 1989 as part of its economic reform and restructuring effort. The conference sought to answer a wide range of questions, from the nature and causes of the spread of IT through the degree of its success as a monetary policy strategy, to the ways in which it is developing and may develop in the future. II. Distinguished Lectures In 2010, the Institute for Monetary and Financial Stability initiated the IMFS Distinguished Lecture Series. It is designed to provide a platform for the dissemination of the significance of monetary and financial stability. The exchange of ideas and views of leading policy makers and outstanding academics on important topics related to monetary and financial stability is promoted by the format. There are typically two components to these events: a public lecture, that is geared to a non-expert audience, and a dinner for about 15-20 participants, drawn from policy and academic circles, during which the discussions are to be continued in an informal and confidential way. 21.05.2013 James Bullard Among the speakers and discussants were Governor Athanasios Orphanides (Central Bank of Cyprus), Charles A.E. Goodhart (LSE), Stephen G. Cecchetti (BIS), Hans Genberg (Hong Kong Monetary Auhtorities), Lars Heikensten (European Court of Auditors) and Governor Svein Gjedrem (Norges Bank). Registered participants: 80 While the United States are recovering after the financial crisis and unemployment is decreasing despite low growth, the Eurozone has returned to a recession. Inflation is low on both sides of the Atlantic and monetary policy rates are close to zero. What are the monetary policy options for central bankers in these times to improve the economic situation On Tuesday, 21 May, James Bullard, President and CEO of the Federal Reserve Bank of St. Louis, held the IMFS Distinguished Lecture on invitation of the IMFS and the U.S. Consulate General Frankfurt on “Monetary Policy Options in a Low-Rate Environment”. The central banker argued in favor of quantitative easing (QE), which implies the purchase of government debt by central banks. Bullard presented the different monetary policy measures that central bankers could use in a low rate environment: 1) Do nothing, keep the interest rate close to zero for an extended period of time and wait. This could lead to a mildly deflationary situation, warned Bullard. 2) Implement “forward guidance” by announcing future monetary policy measures, for example, maintaining the near zero rate even if the economy is recovering. According to the Fed member, this would also be problematic. The announcement would have to be perfectly credible to stimulate consumption and investment in the private sector. Otherwise no real effects could be expected. On the contrary, 28
IMFS Events the promise could even send a pessimistic signal to the private sector that might interpret the central bank’s move as a reaction to a possible long-lasting depression. 3) Charge or rather “grant” negative interest rates on banks’ reserves or 4) do a twist operation: Exchange government debt with a short duration for debt with a longer duration. Bullard explained that these last two options were not very effective. In Bullard’s view, the best policy option was quantitative easing: “Quantitative easing is closest to standard monetary policy, involves clear action and has been effective.” The US central bank should therefore continue their quantitative easing program. Bond purchases should be adjusted to the economic performance and inflation rate. For the Eurozone, Bullard recommended a GDP-weighted quantitative easing program: The European Central Bank (ECB) should buy government bonds of all Euro countries according to their share of Eurozone-GDP. In this way, it could counteract deflationary tendencies and, at the same time, calm down critics who reproach the ECB for buying government bonds to support highly indebted countries. Registered participants: 155 Registered journalists: 15 11.09.2012 Jörg Asmussen It was thus not surprising that in his speech on “Stability Guardians and Crisis Managers: Central Banking in Times of Crisis and Beyond” Asmussen focused on the current events. As apparent in the title of the speech, he explicitly claimed for the ECB to have the role of the crisis manager and preserver of financial stability. According to Asmussen, monetary policy is reaching its limits in terms of effectiveness and legitimacy. National governments should not mistake the ECB’s new OMT program for a substitution for structural reforms and fiscal consolidation. Asmussen emphasized the strict rules of the program. He explained that it was in accordance with the European law, especially with the ban on monetary government financing. Asmussen was convinced that the OMT program represented significant progress compared to the previous Securities Market Program. Asmussen further emphasized the ECB’s willingness to play an active role in the European banking regulation. As a precondition he called for the separation of independent monetary policy and banking regulation controlled by parliaments or the judiciary. He also argued that the ECB should be given all required tools to play this new role effectively and efficiently. Following the Q&A session with the audience, Asmussen answered questions from the media. He was asked how he would react to the upcoming decision of the German Constitutional Court and a potential ESM ban. Asmussen replied: “If that happens, I will be going on vacation.” Registered participants: 132 Registered journalists: 29 16.04.2012 Choongsoo Kim Due to the turbulent times that the euro area monetary policy was facing at the time, the Distinguished Lecture with Jörg Asmussen, Member of the ECB Board, originally planned for June 25, had to be rescheduled. Dramatic events preceded the new date in September: on September 6, the ECB presented its new bond purchasing program “Outright Monetary Trans¬actions” (OMT) in which Jörg Asmussen had played a significant role. The German Constitutional Court had scheduled their decision on emergency petitions for the permanent “Euro rescue package” ESM for the day after the speech, and EU Commissioner Michel Barnier intended to present his plans for a European bank supervision authority. The speech by Governor Chongsoo Kim, President of the Bank of Korea, was given in the grand environment of the Casino of Goethe University. A reception marked the beginning of the evening during which invited guests had the opportunity to try numerous Korean specialties and enjoy classical music performed by three Korean musicians. 29
Page 1 and 2: IMFS IMFS Activities from 2009-2013
Page 3 and 4: TABLE OF CONTENTS A. IMFS Objective
Page 5 and 6: IMFS Objectives and Key Development
Page 7 and 8: GOETHE UNIVERSITY FRANKFURT AM MAIN
Page 15 and 16: GOETHE UNIVERSITY FRANKFURT AM MAIN
Page 17 and 18: IMFS publications B.II. IMFS Interd
Page 19 and 20: IMFS Events IV. Public Lectures 23.
Page 21 and 22: IMFS Events 07.02.2013 IMFS-House o
Page 23 and 24: IMFS Events 21.06.2012 State Aid in
Page 25 and 26: IMFS Events Armstrong (University o
Page 27: IMFS Events overview of the state o
Page 31 and 32: IMFS Events 08.03.2011 Masaaki Shir
Page 33 and 34: IMFS Events trate this they used a
Page 35 and 36: IMFS Events V. Summer Research Semi
Page 37 and 38: Endowed chairs I. Endowed Chair of
Page 39 and 40: Endowed chairs 2009 11.12. Frankfur
Page 41 and 42: Endowed chairs 4. Public Outreach a
Page 43 and 44: Endowed Chairs 13.11. Spiegel Onlin
Page 45 and 46: IMFS Key Developments and Strategy
Page 47 and 48: Endowed chairs • “ECB repo rate
Page 49 and 50: Endowed chairs CFS-ECB Workshop on
Page 51 and 52: Endowed chairs II. Endowed Chair of
Page 53 and 54: Endowed chairs 2. Doctoral and Post
Page 55 and 56: Endowed chairs (3) Editorships 2013
Page 57 and 58: Endowed chairs 12.07. House of Fina
Page 59 and 60: Endowed chairs 2012 Timon Backes
Page 61 and 62: Endowed chairs Profiles 23.11.2012
Page 63 and 64: Endowed chairs IMF and the end of t
Page 65 and 66: Endowed chairs E. Founding and Affi
Page 67 and 68: Founding and Affiliated Professors
Page 79 and 80:
79IMFS
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