The Federal Reserve Board and the Federal Reserve Bank of New York jointly organized the fourth conference on the International Roles of the U.S. Dollar, held on September 25 and 26, 2025, at the Federal Reserve Bank of New York. The U.S. dollar plays a preeminent role in the global economy because of its use in international funding, investment, payment and trade transactions, and as a reserve currency. This conference garnered the insights of researchers, policymakers, and market experts on the evolving roles of the U.S. dollar in the global economy, the consequences of these roles for the Federal Reserve’s mandates, and the prospects for these roles.

The conference featured a keynote address by Arvind Krishnamurthy of Stanford Business School, two panel discussions, and research paper presentations with discussants.

 

watch the event

Day 1

See the agenda for timing of specific conference segments.

Day 2

See the agenda for timing of specific conference segments.

 

Event Details

Date & Time
September 25-26, 2025
Day 1: 9:00am – 5:30pm
Day 2: 8:45am – 3:30pm

Location
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045

Audience
Attendance was by invitation only. The event was available virtually, with a live webcast available. The event was recorded, with the recording made available afterward.

Media
This event was on the record and open to media. For media inquiries, please contact Shelley Pitterson at Shelley.Pitterson@ny.frb.org.

Organizing Committee
Ricardo Correa, Federal Reserve Board
Linda S. Goldberg, Federal Reserve Bank of New York
Juan M. Londono, Federal Reserve Board
Fabiola Ravazzolo, Federal Reserve Bank of New York

Scientific Committee
Matteo Crosignani, Federal Reserve Bank of New York
Stefania D’Amico, Federal Reserve Bank of New York
Laurie DeMarco, Federal Reserve Board
Leonardo Elias, Federal Reserve Bank of New York
Ritt Keerati, Federal Reserve Board
Silvia Miranda-Agrippino, Federal Reserve Bank of New York
Pinar Uysal, Federal Reserve Board
Bastian von Beschwitz, Federal Reserve Board

 

Agenda

Agenda

Thursday, September 25, 2025

8:30am
Registration and Continental Breakfast

9:00am
Welcoming Remarks
Kartik Athreya, Director of Research and Head of the Research and Statistics Group, Federal Reserve Bank of New York

Session 1: Foreign Exchange Market Structure and the Dollar
Session Chair: Kartik Athreya, Federal Reserve Bank of New York

9:10am
Topography of the FX Derivatives Market: A View from London (00:00:30 in video)

Sinem HacioÄŸlu Hoke, Federal Reserve Board
Daniel Ostry, Bank of England | Presentation 
Hélène Rey, London Business School
Adrien Rousset Planat, London Business School
Vania Stavrakeva, London Business School
Jenny Tang, Federal Reserve Bank of Boston

Discussant: Fabricius Somogyi, Northeastern University | Presentation

10:00am
Repo and FX Swap: A Tale of Two Markets (00:56:30 in video)

Wenxin Du, Harvard Business School | Presentation
Georg Strasser, European Central Bank
Adrien Verdelhan, MIT Sloan School of Management

Discussant: Falk Bräuning, Federal Reserve Bank of Boston | Presentation 

10:50am
Coffee Break

Session 2: Foreign Exchange Risk Management
Session Chair: Juan M. Londono, Federal Reserve Board

11:10am
International Currency Dominance (01:49:14 in video)

Joseph Abadi, Federal Reserve Bank of Philadelphia | Presentation
Jesús Fernández-Villaverde, University of Pennsylvania
Daniel Sanches, Federal Reserve Bank of Philadelphia

Discussant: Gianluca Benigno, University of Lausanne | Presentation
 

12:00pm
Foreign Exchange Risk Management Spillovers Across the Production Network (02:40:09 in video)

Wentong Chen, Santa Clara University, Leavey School of Business | Presentation

Discussant: Katheryn Russ, University of California, Davis | Presentation

12:50pm
Lunch

2:15pm
Panel 1: Historical Episodes of Dominant Currency Strains and
Transitions (03:31:13 in video)

Moderator: Linda S. Goldberg, Federal Reserve Bank of New York

Panelists:
Jeffry Frieden, Columbia University
Catherine Schenk, Oxford University
Maury Obstfeld, Peterson Institute for International Economics
Brad Setser, Council on Foreign Relations

3:45pm
Refreshment Break

4:00pm
Keynote Address (05:10:38 in video)

Arvind Krishnamurthy, Stanford Graduate School of Business | Presentation
Moderator: Stephanie Curcuru, Federal Reserve Board

5:30pm
Reception
Friday, September 26, 2025

8:45am
Remarks on the Dollar’s International Roles (00:00:46 in video)
Beth Anne Wilson, Federal Reserve Board

Session 3: Debt Markets
Session Chair: Laurie DeMarco, Federal Reserve Board

9:00am
The Demand for Government Debt (00:09:23 in video)

Egemen Eren, Bank for International Settlements
Andreas Schrimpf, Bank for International Settlements
Dora Xia, Bank for International Settlements | Presentation

Discussant: Stefania D’Amico, Federal Reserve Bank of New York | Presentation

9:50am

Dollar Debt and the Inefficient Global Financial Cycle
Paul Fontanier, Yale University (00:59:51 in video) | Presentation

Discussant: Livia Chitu, European Central Bank | Presentation

10:40am
Coffee Break

11:00am
Panel 2: A Markets Perspective on Asset Management Across Currencies (01:59:38 in video)

Moderator: Anna Nordstrom, Federal Reserve Bank of New York

Panelists:
Mahmood Pradhan, Amundi Investment Institute
Malin Norberg, Norges Bank Investment Management
Daleep Singh, PGIM Fixed Income
Andrew Wai Hung NG, DBS

12:30pm
Lunch

Session 4: Central Bank Swap Lines
Session Chair: Fabiola Ravazzolo, Federal Reserve Bank of New York

1:30pm
Dollar Shortages and Central Bank Swap Lines (03:35:55 in video)

Ambrogio Cesa-Bianchi, Bank of England | Presentation
Fernando Eguren-Martin, SPX Capital
Andrea Ferrero, University of Oxford
William Pagel, Bank of England

Discussant: Ozge Akinci, Federal Reserve Bank of New York | Presentation

2:20pm
Intermediated Dollar Lending of Last Resort: From Dollar Safety to
Treasury Fragility (04:32:44 in video)

Ding Ding, Wharton School, University of Pennsylvania
Karen K. Lewis, Wharton School, University of Pennsylvania
Yao Zeng, Wharton School, University of Pennsylvania | Presentation

Discussant: Ricardo Correa, Federal Reserve Board | Presentation

3:15pm

Conference Summary and Closing Remarks (05:30:20 in video)

Linda S. Goldberg, Federal Reserve Bank of New York

3:30pm
Adjourn