{
  "title": "Central Banks, Financial Regulators, and the Quest for Financial Stability",
  "publication": "IMF Blog, November 7, 2011",
  "sourceUrl": "https://www.imf.org/en/blogs/articles/2011/11/07/2011-imf-annual-research-conference",
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  "summary": "2011 IMF Annual Research Conference",
  "sections": [
    {
      "heading": "Conference overview",
      "content": "- Title: Central Banks, Financial Regulators, and the Quest for Financial Stability\n- Event: 2011 IMF Annual Research Conference\n- Author/speaker: Olivier Blanchard\n- Date: November 7, 2011\n- Focus: Interaction between monetary and macroprudential policies and their role in achieving macroeconomic and financial stability."
    },
    {
      "heading": "Motivation and context",
      "content": "- The global financial crisis prompted a fundamental rethinking of macroeconomic policy and how many policy instruments work together.\n- Interactions between monetary and macroprudential policies remain \"hotly debated.\"\n- Past conference papers on post-crisis macroeconomic and financial policies have been immediately relevant to real-world events (example cited: paper on fiscal space relevant to the European sovereign crisis and U.S. budget debates)."
    },
    {
      "heading": "Key themes and questions for debate",
      "content": "- Whether monetary policy should \"lean against credit and asset price bubbles\" or delegate that task to macroprudential policy.\n- The implications if macroprudential policy is only \"partially effective\" due to regulatory arbitrage and other \"leakages\" — whether monetary policy should then \"weigh in\" as well.\n- Challenges when the government lacks full information on the riskiness of new financial instruments and the ability to set effective macroprudential policies for lasting financial stability.\n- How monetary tightening might encourage excessive risk-taking by financial institutions in distress at higher interest rates.\n- Coordination of macroprudential policies internationally when they have cross-border repercussions.\n- The role of international factors in determining domestic financial conditions, including cross-border intermediation (to be addressed in the Mundell-Fleming keynote)."
    },
    {
      "heading": "Program highlights",
      "content": "- Keynote Mundell-Fleming address: Professor Hyun Song Shin (Princeton University) — will discuss the role of international factors in domestic financial conditions, with an example of European global banks intermediating U.S. dollar funds easing U.S. credit conditions.\n- Eleven other papers on the program addressing critical aspects of the intersection between monetary and macroprudential policies.\n- Policy-oriented events:\n  - Opening remarks by David Lipton, IMF First Deputy Managing Director.\n  - Luncheon speech by Jean-Pierre Landau, Second Deputy Governor of the Banque de France — reflecting on central banks' evolving role in maintaining financial stability.\n  - Concluding Economic Forum on “Monetary and Macroprudential Policies: Challenges and Solutions” featuring a panel including Lewis Alexander (Nomura), Joe Gagnon (Peterson Institute of International Economics), Andrew Lo (MIT), and John Williams (Federal Reserve Bank of San Francisco)."
    },
    {
      "heading": "Objectives and expected outcomes",
      "content": "- Advance debate and research on how monetary and macroprudential policies interact.\n- Engage academics, policymakers, and private sector practitioners to expand the frontier of knowledge on monetary–macroprudential interactions.\n- Contribute to new policy thinking within the IMF and among economists and policymakers more broadly.\n- Selected conference papers to be featured in the IMF Economic Review."
    },
    {
      "heading": "Participation and access",
      "content": "- Papers are posted online for reading.\n- The Economic Forum will be broadcast on www.imf.org and readers are invited to comment.\n\nSource: Olivier Blanchard, \"Central Banks, Financial Regulators, and the Quest for Financial Stability,\" 2011 IMF Annual Research Conference, November 7, 2011.\n\n---\n\n Content in this bundle\n\n- Agjkemjomq\n  - Agjkemjomq (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Agjkemjomq (PDF){rel=\"external\" type=\"application/pdf\"}\n- hss\n  - hss (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - hss (PDF){rel=\"external\" type=\"application/pdf\"}\n- Monetary and Macroprudential Policies\n  - Monetary and Macroprudential Policies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Monetary and Macroprudential Policies (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- future of macroeconomic policy\n- https://www.imf.org/wp-content/uploads/2011/11/2011arc-poster.jpg\n- monetary and macroprudential policies\n- last year’s conference\n- post-crisis macroeconomic and financial policies\n- David Lipton, the IMF’s First Deputy Managing Director,\n- Economic Forum on “Monetary and Macroprudential Policies: Challenges and Solutions\n- Pierre-Olivier Gourinchas\n- www.imf.org\n\nSource: https://www.imf.org/en/blogs/articles/2011/11/07/2011-imf-annual-research-conference"
    }
  ],
  "bullets": [
    "[Markdown version](/en/blogs/articles/2011/11/07/2011-imf-annual-research-conference/index.md)",
    "[Structured JSON version](/en/blogs/articles/2011/11/07/2011-imf-annual-research-conference/index.json)",
    "[Bundle manifest](/en/blogs/articles/2011/11/07/2011-imf-annual-research-conference/bundle-manifest.json)",
    "Authors: Olivier Blanchard",
    "Published: November 7, 2011",
    "Title: Central Banks, Financial Regulators, and the Quest for Financial Stability",
    "Event: 2011 IMF Annual Research Conference",
    "Author/speaker: Olivier Blanchard",
    "Date: November 7, 2011",
    "Focus: Interaction between monetary and macroprudential policies and their role in achieving macroeconomic and financial stability.",
    "The global financial crisis prompted a fundamental rethinking of macroeconomic policy and how many policy instruments work together.",
    "Interactions between monetary and macroprudential policies remain \"hotly debated.\"",
    "Past conference papers on post-crisis macroeconomic and financial policies have been immediately relevant to real-world events (example cited: paper on fiscal space relevant to the European sovereign crisis and U.S. budget debates).",
    "Whether monetary policy should \"lean against credit and asset price bubbles\" or delegate that task to macroprudential policy.",
    "The implications if macroprudential policy is only \"partially effective\" due to regulatory arbitrage and other \"leakages\" — whether monetary policy should then \"weigh in\" as well.",
    "Challenges when the government lacks full information on the riskiness of new financial instruments and the ability to set effective macroprudential policies for lasting financial stability.",
    "How monetary tightening might encourage excessive risk-taking by financial institutions in distress at higher interest rates.",
    "Coordination of macroprudential policies internationally when they have cross-border repercussions.",
    "The role of international factors in determining domestic financial conditions, including cross-border intermediation (to be addressed in the Mundell-Fleming keynote).",
    "Keynote Mundell-Fleming address: Professor Hyun Song Shin (Princeton University) — will discuss the role of international factors in domestic financial conditions, with an example of European global banks intermediating U.S. dollar funds easing U.S. credit conditions.",
    "Eleven other papers on the program addressing critical aspects of the intersection between monetary and macroprudential policies.",
    "Policy-oriented events:",
    "Advance debate and research on how monetary and macroprudential policies interact.",
    "Engage academics, policymakers, and private sector practitioners to expand the frontier of knowledge on monetary–macroprudential interactions.",
    "Contribute to new policy thinking within the IMF and among economists and policymakers more broadly.",
    "Selected conference papers to be featured in the IMF Economic Review.",
    "Papers are posted online for reading.",
    "The Economic Forum will be broadcast on www.imf.org and readers are invited to comment.",
    "**Agjkemjomq**",
    "**hss**",
    "**Monetary and Macroprudential Policies**",
    "[future of macroeconomic policy](http://blogs.imf.org/2011/03/13/future-of-macroeconomic-policy/)",
    "[https://www.imf.org/wp-content/uploads/2011/11/2011arc-poster.jpg](https://www.imf.org/wp-content/uploads/2011/11/2011arc-poster.jpg)",
    "[monetary and macroprudential policies](http://www.imf.org/external/np/res/seminars/2011/arc/index.htm)",
    "[last year’s conference](http://blogs.imf.org/2010/11/19/exploring-economic-policy-frontiers-after-the-crisis-2010-imf-research-conference/)",
    "[post-crisis macroeconomic and financial policies](http://www.imf.org/external/np/res/seminars/2010/arc/index.htm)",
    "[David Lipton, the IMF’s First Deputy Managing Director,](http://www.imf.org/external/np/omd/bios/dl.htm)",
    "[Economic Forum on “Monetary and Macroprudential Policies: Challenges and Solutions](http://www.imf.org/external/np/res/seminars/2011/arc/index1.htm)",
    "[Pierre-Olivier Gourinchas](http://www.imf.org/external/pubs/ft/survey/so/2009/BOK100509A.htm)",
    "[www.imf.org](http://www.imf.org/)"
  ],
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