IMF Policy Dialogue: New Policy Frameworks for a "Lower-for-Longer" World

November 24, 2020

The COVID-19 pandemic is causing an unprecedented global economic contraction, leading many central banks to reduce interest rates to historically low levels and to rely more heavily on unconventional monetary policies. Amidst growing concern that policy space will be further eroded by lower equilibrium interest rates and falling inflation expectations, many central banks are reviewing their monetary policy frameworks. This event considers several key questions. Can new policy frameworks spur faster recoveries and help central banks deliver on their mandates? Are there tradeoffs between adopting a new framework versus using existing tools more aggressively? And do “lower-for-longer” policies pose risks to financial stability and if so, what is needed to contain these risks? 

Kristalina Georgieva, Managing Director, IMF will open the event with a brief overview of challenges currently facing monetary policymakers. It will be followed by a distinguished panel moderated by Carolyn A. Wilkins, Senior Deputy Governor, Bank of Canada; and comprised of Richard H. Clarida, Vice Chair, Board of Governors of the Federal Reserve System; Philip R. Lane, Chief Economist and Member of the Executive Board, European Central Bank; and Tobias Adrian, Financial Counsellor and Director, IMF Monetary and Capital Markets Department.

This is a public event and no registration will be required. The event will be live-streamed on this page on Tuesday, November 24, 12:30pm - 1:45pm (EST).  If you have any questions, please email

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November 24, 2020

12:30 p.m.

Welcoming Remarks

Gerard Rice, Director, Communication Department, IMF

12:35 p.m.

Introductory Remarks

Kristalina Georgieva, Managing Director, IMF

12:45 p.m.

Panel Discussion:

Moderator: Carolyn A. Wilkins, Senior Deputy Governor, Bank of Canada
Carolyn WilkinsCarolyn Wilkins was appointed the Bank of Canada’s Senior Deputy Governor in 2014, for a seven-year term.

As Senior Deputy Governor, Ms. Wilkins oversees strategic planning and the economic and financial research of the Bank, and shares responsibility for decisions with respect to monetary policy and financial stability. She also oversees the Bank’s analysis of international economic developments in support of monetary policy decisions and serves as the Bank’s G7 and G20 Deputy.

Ms. Wilkins represents the Bank on the Financial Stability Board (FSB) and is a member of the FSB’s Standing Committee on Assessment of Vulnerabilities. She is a member of the International Monetary Fund’s High Level Advisory Group on FinTech and chaired the FSB’s FinTech Issues Group.


Richard H. Clarida, Vice Chair of the Board of Governors, Federal Reserve System 
Richard ClaridaRichard H. Clarida began a four-year term as Vice Chair of the Board of Governors of the Federal Reserve System on September 17, 2018, and took office as Board member to fill an unexpired term ending January 31, 2022.

Prior to his appointment to the Board, Dr. Clarida served as the C. Lowell Harriss Professor of Economics and International Affairs at Columbia University, where he taught from 1988 to 2018. From 1997 until 2001, Clarida served as chairman of the Department of Economics at Columbia University.

In addition to his academic experience, Dr. Clarida served as the assistant secretary of the U.S. Treasury for Economic Policy from February 2002 until May 2003. In that position, he served as chief economic adviser to Treasury secretaries Paul H. O'Neill and John W. Snow. He was awarded the Treasury Medal in recognition of his service. Dr. Clarida also served on the Council of Economic Advisers under President Reagan.

From 2006 to 2018, Dr. Clarida served as global strategic advisor with PIMCO and was promoted to managing director in 2015.

Dr. Clarida is a member of the Council on Foreign Relations and, from 1983 to 2018, the National Bureau of Economic Research (NBER). From 2004 to 2018, he served as co-editor of the NBER International Macroeconomics Annual.

He received a BS in economics from the University of Illinois with Bronze Tablet honors and an MA and PhD in economics from Harvard University.

Dr. Clarida is married with two children.

Philip R. Lane, Chief Economist and Member of the Executive Board, The European Central Bank 
Philip R LanePhilip R. Lane joined the European Central Bank as a Member of the Executive Board in 2019. He is responsible for the Directorate General Economics and the Directorate General Monetary Policy. Before joining the ECB, he was the Governor of the Central Bank of Ireland. He has also chaired the Advisory Scientific Committee and Advisory Technical Committee of the European Systemic Risk Board and was Whately Professor of Political Economy at Trinity College Dublin. He is also a research fellow at the Centre for Economic Policy Research. A graduate of Trinity College Dublin, he was awarded a PhD in Economics from Harvard University in 1995 and was Assistant Professor of Economics and International Affairs at Columbia University from 1995 to 1997, before returning to Dublin. In 2001 he was the inaugural recipient of the Bernácer Prize for outstanding contributions to European monetary economics.


Tobias Adrian, IMF Financial Counsellor and Director, Monetary and Capital Markets Department


1:45 p.m.

Closing Remarks by Carolyn A. Wilkins