New Instruments of Monetary Policy: The Challenge

March 12th 2010
Winstanley Lecture Theatre
Trinity College, Cambridge

Sponsored by The Money Macro and Financial Research Group and the Centre for International Macroeconomics and Finance.

Questioning ‘credible commitment’: rethinking the Glorious Revolution and the rise of financial capitalism
20-23rd March 2010
Conference Programme



12th March

Registration and coffee: 10.30


Session 1: 11.00-1.00

Introduction: Hamid Sabourian (Cambridge)

Spencer Dale (Bank of England)
“Quantitative Easing: one year on”, Slides

Sharon Kozicki, Lena Suchanek and Eric Santor (Bank of Canada)
Central Bank Balance Sheets and Long-Term Forward Rates”, Slides

Discussant: Demosthenes Tambakis (University of Cambridge), Comments

Lunch Break 1.00-2.00

Session 2: 2.00-3.50

Round Table (Chairman, Sean Holly, University of Cambridge)

Huw Pill (European Central Bank (ECB))
Colin Ellis (Daiwa Capital Markets Europe Ltd)
Charles Goodhart (LSE and Morgan Stanley)
David Cobham (Herriot-Watt), Remarks
Marcus Miller (Warwick) "When money matters", Slides

Douglas Gale (NYU)
Liquidity and Monetary Policy Instruments”, Slides

Discussant: Jagjit Chadha (University of Kent), Comments

Tea 3.50-4.10

Session 3: 4.10-6.30

Hans Gerbach (ETH, Zurich) and Jan Wenzleberger
(University of Keele)
Interest Rate Policy and Stability of Banking Systems”, Slides

Discussant: Peter Sinclair (University of Birmingham)

Richard Harrison (Bank of England)
Asset purchase policy at the effective lower bound for interest rates”, Slides

Discussant: Mike Wickens (University of York), Comments

Stephania Villa (Birkbeck College) and Jing Yang (Bank of England)
Financial intermediaries in an estimated DSGE model for the UK”, Slides

Discussant: Tiago Cavalcanti (University of Cambridge), Comments


Directions to Trinity College

How to find Winstanley lecture theatre: