21st BIS Annual Conference: "Central banking after the pandemic: challenges ahead"

Friday 24 June 2022, Basel, Switzerland

This year's conference focused on the question of how central banks can meet their mission to preserve the value of money. The sessions focused on inflation – the containment of which is an important aspect of preserving money's value – as well as preserving the value of money from the longer-term, structural perspective, focusing on the challenges of digital innovation.

Session 1: Inflation and production networks

  Chair  

Joachim Nagel
President
Deutsche Bundesbank

Joachim Nagel has been President of the Deutsche Bundesbank since January 2022. Prior to this, he served in management positions at the Bundesbank between 1999 and 2016. From 2016 to 2020, he worked for the KfW Group, before he moved to the BIS, where he became Deputy Head of the Banking Department. He studied economics at the University of Karlsruhe and received a doctoral degree in 1997. He also serves as a member of the ECB's Governing Council, a Governor at the IMF and a member of the BIS Board of Directors.

  Speaker  

Jennifer La'O
Associate Professor
Columbia University, NBER, CEPR

Jennifer La'O also serves as a Research Associate at the National Bureau of Economic Research (NBER), and a Research Fellow at the Centre for Economic Policy Research (CEPR). She is currently an Associate Editor at the Journal of Political Economy, the American Economic Review: Insights, and the Review of Economic Dynamics. In 2020–21 Professor La'O served as a Monetary Advisor at the Federal Reserve Bank of Minneapolis, and in 2016–17 she was a Visiting Fellow at the Stanford Institute for Economic Policy Research. Prior to joining the economics department faculty at Columbia, she was an Assistant Professor of Economics at the University of Chicago Booth School of Business. Professor La'O received her PhD from MIT in 2010.

Presentation

  Discussants

Şebnem Kalemli-Özcan
Neil Moskowitz Endowed Professor of Economics
University of Maryland, College Park

Şebnem Kalemli-Özcan was awarded her MA and PhD in economics at Brown University. She is the Neil Moskowitz Chair in economics and finance at University of Maryland, an NBER Research Associate and a CEPR Research Fellow. She serves on the economic advisory panels of the Federal Reserve Bank of New York, the BIS and the European Systemic Risk Board. She is the co-editor of American Economic Journal: Macroeconomics and serves at the editorial board of American Economic Review. Her research centres on capital flows, macroeconomic fluctuations and financial frictions. Her papers have been published in top journals such as the American Economic Review, the Quarterly Journal of Economics and the Review of Economic Studies.

Presentation


Frank Smets
Adviser to the Executive Board
European Central Bank

Frank Smets is professor of economics at Ghent University. He is currently on leave from the ECB, where he headed the economics department from 2017 till 2022. Previously, he was Adviser to the President of the ECB (2013–17) and Head of Research (2008–13). He is a research fellow of the CEPR. He has published extensively on monetary and macroeconomic topics in top academic journals. He was managing editor of the International Journal of Central Banking from 2008 till 2010. Before joining the ECB in 1998, he was a research economist at the BIS. He holds a PhD in Economics from Yale University.

Presentation



Session 2: Inflation anchors

  Chair 

Rosanna Costa
Governor
Central Bank of Chile

Rosanna Costa has been the Governor of the Central Bank of Chile since February 2022, and a board member since January 2017. She graduated as an economist from the Pontifical Catholic University of Chile. She was Deputy Director of the Instituto Libertad y Desarrollo from June 2014 and was a member of the Council of the National Productivity Commission and the Technical Education Advisory Commission. Between 2010 and 2013, she was the Director of Budget of the Chilean Ministry of Finance. She has taught at the Pontifical Catholic University of Chile and on graduate courses at the University of Chile.

  Speaker  

Ricardo Reis
A W Phillips Professor of Economics
London School of Economics and Political Science

Ricardo Reis has published widely on macroeconomics. His main areas of research include the interactions of fiscal and monetary policy, unconventional monetary policies, inflation expectations, business cycles with inequality and automatic stabilisers, inattention and capital misallocation. Among other honours, he won the Jahnsson Medal of 2021, and was the BIS's Alexandre Lamfalussy senior research fellow in 2020. Professor Reis is an academic consultant at the Bank of England, Sveriges Riksbank and the Federal Reserve Bank of Richmond. Professor Reis received his PhD from Harvard University.

The final paper on "The burst of high inflation in 2021–22: how and why did we get here?" will be published in the BIS Working Paper series in fall 2022.

Presentation

  Discussants  

Signe Krogstrup
Governor and Member of the Board of Governors
Danmarks Nationalbank 

Signe Krogstrup holds an MSc from the University of Copenhagen and a PhD in international economics from the Graduate Institute of International and Development Studies in Switzerland. Dr Krogstrup has extensive experience in economic research and monetary policy. Prior to joining Danmarks Nationalbank in June 2019, she held an adviser position and was a member of senior management in the IMF's Research Department. From 2007 to 2016, she worked at the Swiss National Bank.

Presentation


Federico Sturzenegger
Visiting Professor of Public Policy
Harvard Kennedy School 

Federico Sturzenegger is Full Professor at Universidad de San Andrés, Honoris Causa Professor HEC, as well as Adjunct Professor at the Harvard Kennedy School. He holds a PhD in Economics from MIT (1991), and has served as Argentina's Secretary of Economic Policy (2001), President of Banco Ciudad de Buenos Aires (2008–13), Member of Parliament (2013–15) and Governor of the Central Bank of Argentina (2015–18). He has written or edited nine books, and has published extensively in the area of international finance and macroeconomics. He was the WEF's Young Global Leader in 2005, and a Konex award recipient in 2006. In October 2022 he published Advanced Macroeconomics, An Easy Guide, co-authored with Filipe Campante and Andrés Velasco.

Presentation



Lunch keynote: Regulating big tech

  Speaker 

Luigi Zingales
Robert C McCormack Distinguished Service Professor of entrepreneurship and Finance and George G Rinder Faculty Fellow
University of Chicago, Booth School of Business

Luigi Zingales' research interests include corporate governance, financial development, political economy and the economic effects of culture. He has published extensively in the major economics and financial journals. He was President of the American Finance Association in 2014. In July 2015, he became the Director of the Stigler Center at the University of Chicago. He is also the co-host of the podcast Capitalisn't, and has written two best-selling books: Saving Capitalism from the Capitalists (2003), with Raghu Rajan, and A Capitalism for the People (2012).

Presentation

Session 3: Cryptoassets

  Chair 

Tiff Macklem
Governor, Member of the Board of the BIS
Bank of Canada

Born in Montreal, Mr Macklem completed a master's degree and a PhD in economics at the University of Western Ontario. At the Bank of Canada, which he first joined in 1984, he was appointed as a Deputy Governor in December 2004. During the Great Financial Crisis, Mr Macklem was Associate Deputy Minister at the Department of Finance, and represented Canada at the G7, G20 and Financial Stability Board. In July 2010, Mr Macklem returned to the Bank and was appointed Senior Deputy Governor. Prior to his appointment as Governor, Mr Macklem was the Dean of the Rotman School of Management at the University of Toronto, from July 2014. In April 2022, Mr Macklem was appointed chair of the Group of Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision, for a three-year term.

  Speaker 

Antoinette Schoar
Stewart C Myers-Horn Family Professor of Finance and Entrepreneurship
MIT Sloan School of Management

Antoinette Schoar holds a PhD in economics from the University of Chicago and an undergraduate degree from Germany. Her research interests include entrepreneurial finance, fintech, consumer finance and financial intermediation. She has received several awards including the Kauffman Prize Medal for Distinguished Research in Entrepreneurship and the Brattle Prize for best paper in the Journal of Finance. She is the co-chair of the NBER Corporate Finance group. She is also the executive editor of the Journal of Finance and has previously served as an associate editor of the Journal of Finance, the American Economic Journal: Applied Economics, and the Journal of Economic Perspectives.

The final paper on "Cryptocurrencies and Decentralised Finance (DeFi)" will be published in the BIS Working Paper series in fall 2022.

Presentation

  Discussants  

Tobias Adrian
Financial Counsellor and Director
International Monetary Fund

Before taking up his present role, Mr Adrian was a Senior Vice President of the Federal Reserve Bank of New York and the Associate Director of the Research and Statistics Group. He has published extensively in economics and finance journals, including the American Economic Review and the Journal of Finance. His research spans asset pricing, financial institutions, monetary policy and financial stability. Mr Adrian holds a PhD from the Massachusetts Institute of Technology in Economics, an MSc from the London School of Economics in Econometrics and Mathematical Economics, a diploma from Goethe University Frankfurt and a Maîtrise from Dauphine University Paris.

Presentation


Bruno Biais
Professor of Finance
HEC Paris

Bruno Biais holds a PHD in finance from HEC, and has received the Paris Bourse dissertation award and the CNRS bronze medal. He taught at Toulouse, Carnegie Mellon, Oxford and LSE, was Research Director at CNRS and is now Professor at HEC. His research centres on finance, contract theory, political economy, experimental economics and blockchains. He has been a scientific adviser to the NYSE, Euronext, the ECB and the Bank of England. His work on trading and post-trading received a senior ERC grant, and his current work on welfare incentives dynamics and equilibrium is currently funded by a senior ERC grant.

Presentation



Session 4: Digital platforms

  Chair

Nor Shamsiah Mohd Yunus
Governor
Central Bank of Malaysia

Nor Shamsiah Mohd Yunus assumed her present office in July 2018. She chairs the Monetary Policy Committee, Financial Stability Committee, Financial Stability Executive Committee and the Bank's board of directors. She joined the Central Bank of Malaysia in 1987 and has served in areas including prudential regulation, financial intelligence and enforcement, talent management, finance and supervision. She was involved in the financial sector resolution initiatives during the Asian financial crisis. As Deputy Governor, she also represented the central bank in the Basel Committee on Banking Supervision and the Financial Action Task Force. She also served as Assistant Director of the IMF's Monetary and Capital Markets Division. She graduated from the University of South Australia with a Bachelor of Arts in Accountancy and is a Certified Practising Accountant.

  Speaker 

Christine Parlour
Sylvan C Coleman Chair in Finance and Accounting
University of California, Berkeley, Haas School of Business

Most of Christine Parlour's work is in institutionally complex areas, such as market microstructure and banking. She is currently focusing on changes in the payments system and the effects on bank balance sheets. She has written for major finance and economics journals. She has been on the Nasdaq Economic Advisory Board and is currently on the steering committee for the New Special Study of Securities Markets.

The final paper on "Systemic fragility in decentralised markets" will be published in the BIS Working Paper series in fall 2022.

Presentation

   Discussants 

Zhiguo He
Fuji Bank and Heller Professor of Finance
University of Chicago, Booth School of Business 

Zhiguo He is a financial economist and the Fuji Bank and Heller Professor of Finance at the University of Chicago Booth School of Business, where he has taught since 2008. He also serves as the director of Becker Friedman Institute China, executive editor of the Review of Asset Pricing Studies, and co-director of the Fama-Miller Center. He is also a research associate at the National Bureau of Economic Research, a member of the academy committee at the Luohan Academy, and the special-term Alibaba Foundation Professor of Finance at Tsinghua University. He earned his PhD from the Kellogg School of Management at Northwestern University.

Presentation


Dirk Niepelt
Professor of Macroeconomics
University of Bern 

Dirk Niepelt also leads the CEPR Research and Policy Network on FinTech and Digital Currencies. From 2010 to 2022, he directed the Swiss National Bank's Study Center at Gerzensee. The author of the MIT Press textbook "Macroeconomic Analysis", Dirk Niepelt received his PhD from the Massachusetts Institute of Technology and holds licentiate and doctoral degrees from the University of St Gallen.

Presentation



Closing panel: The future of the monetary system

The panel remarks will be published in the BIS Paper series in fall 2022.

  Moderator

Agustín Carstens
General Manager
Bank for International Settlements 

Mr Carstens was Governor of the Bank of Mexico from 2010 to 2017. A member of the BIS Board from 2011 to 2017, he was chair of the Global Economy Meeting and the Economic Consultative Committee from 2013 until 2017. He also chaired the International Monetary and Financial Committee, the IMF's policy advisory committee, from 2015 to 2017. Mr Carstens began his career in 1980 at the Bank of Mexico. From 1999 to 2000, he was Executive Director at the IMF. He later served as Mexico's deputy finance minister (2000–03) and as Deputy Managing Director at the IMF (2003–06). He was Mexico's finance minister from 2006 to 2009. Mr Carstens has been a member of the Financial Stability Board since 2010. Mr Carstens holds an MA and a PhD in economics from the University of Chicago.

  Panellists

Eddie Yue
Chief Executive
Hong Kong Monetary Authority 

Mr Yue took up his appointment as Chief Executive of the Hong Kong Monetary Authority (HKMA) in October 2019. He joined the HKMA upon its establishment in 1993 and was appointed Executive Director in 2001 and Deputy Chief Executive in 2007. He participated in numerous areas of the HKMA's work such as reserves management, research and market development before taking up his current position. He was also involved in tackling major financial crises and played an instrumental role in enhancing the Linked Exchange Rate System. He was educated at the Chinese University of Hong Kong and the Harvard Business School.


Stefan Ingves
Governor and Chair of the Executive Board, Member of the Board of the BIS
Sveriges Riksbank 

Stefan Ingves's term of office as Governor of Sveriges Riksbank has been extended until December 2022. He is currently the Chairman of the BIS Banking and Risk Management Committee, the Vice Chair of the BIS Board of Directors, a member of the ECB's General Council and First Vice-Chair of the European Systemic Risk Board. Mr Ingves is also Governor for Sweden in the IMF. Mr Ingves has previously been Chairman of the Basel Committee, Director of the Monetary and Financial Systems Department at the International Monetary Fund, Deputy Governor of the Riksbank and General Director of the Swedish Bank Support Authority. Prior to that he was Under-Secretary and Head of the Financial Markets Department at Sweden's Ministry of Finance.


Lael Brainard
Vice Chair
Board of Governors of the Federal Reserve System 

Dr Brainard took office as Vice Chair of the Federal Reserve Board in May 2022 and has served as a Board Member since June 2014. Prior to her appointment to the Board, Dr Brainard served as undersecretary of the US Department of Treasury from 2009 to 2013. From 2001 to 2008, Dr Brainard was vice president and the founding director of the Global Economy and Development Program. Previously, Dr Brainard served as the deputy national economic adviser and deputy assistant to the president and G7 Sherpa. From 1990 to 1996, Dr Brainard was assistant and associate professor of applied economics at the Massachusetts Institute of Technology's Sloan School of Management. She received a BA with university honours from Wesleyan University in 1983. She received an MS and a PhD in economics in 1989 from Harvard University.