An important topic in monetary policy over recent years has been the continued unwinding of large central bank balance sheets in the post-pandemic period and the associated impact on financial markets and the broader economy. These dynamics have presented several policy and implementation questions in the U.S. and abroad.
On May 22, the Federal Reserve Bank of New York and Columbia University’s School of International and Public Affairs (SIPA) will host a joint workshop bringing together academics, industry experts, and current and former central bankers to discuss how central banks are navigating monetary policy implementation in the post-pandemic period.
The program will focus on the macroeconomic impact of central bank balance sheets, differences in monetary policy implementation frameworks around the globe, and the transition to steady-state operations after balance sheet unwinding is complete.
Event Details
May 22, 2025
8:00am-7:00pm EDT
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045
Attendance is in-person and by invitation only.
Marco Cipriani, Federal Reserve Bank of New York
Patricia Mosser, Columbia University
Roberto Perli, Federal Reserve Bank of New York
Julie Remache, Federal Reserve Bank of New York
This event is open to press in-person and via livestream. The keynote remarks and moderated discussion with President Williams and the prepared remarks by Roberto Perli at the start of the panel on monetary policy implementation around the world will be on the record. The Chatham House Rule will be in effect for all other parts of the workshop, meaning media may report broadly on comments made during the event but may not attribute remarks to individuals or organizations.
Media who wish to attend either in-person or virtually must register by contacting Shelley Pitterson at the New York Fed at Shelley.Pitterson@ny.frb.org.
Agenda
8:00am-8:50am
Registration and Continental Breakfast
8:50am-9:00am
Welcome Remarks
Julie Remache, Federal Reserve Bank of New York
9:00am-10:30am
Panel: The (Macro) Economics of Balance Sheet Size and Composition
Moderator: Trevor Reeve, Board of Governors of the Federal Reserve System
Panelists:
Tobias Adrian, International Monetary Fund
Stefania D’Amico, Federal Reserve Bank of New York
Angel Ubide, Citadel
Jonathan Wright, Johns Hopkins University
10:30am-11:00am
Coffee Break
11:00am-12:30pm
Panel: The Transition to Ample Reserves and its Impact on Money Markets
Moderator: Gara Afonso, Federal Reserve Bank of New York
Panelists:
Teresa Ho, JPM Research
Ricardo Lagos, New York University
Ed Reilly, Morgan Stanley
Brian Sack, Balyasny Asset Management
12:45pm-1:45pm
Lunch
2:00pm-2:45pm
Keynote Address followed by Discussion
John Williams, Federal Reserve Bank of New York | Remarks
Moderator: Petra Tschudin, Swiss National Bank
2:45pm-3:00pm
Coffee Break
3:00pm-4:30pm
Panel: Monetary Policy Implementation around the World: More Similarities than Differences?
Moderator: Patricia Mosser, Columbia University
Panelists:
Toni Gravelle, Bank of Canada
Makoto Minegishi, Bank of Japan
Roberto Perli, Federal Reserve Bank of New York | Remarks
Imène Rahmouni-Rousseau, European Central Bank (ECB)
Vicky Saporta, Bank of England
4:30pm-4:45pm
Closing Remarks
Patricia Mosser, Columbia University
5:00pm-7:00pm
Reception
Speakers
Financial Counsellor and Director of the Monetary and Capital Markets Department
International Monetary Fund
Financial Research Advisor of Money and Payments Studies
Federal Reserve Bank of New York
Stefania D’Amico
Financial Research Advisor
Federal Reserve Bank of New York
Deputy Governor
Bank of Canada
Teresa Ho
Managing Director in U.S. Rates Strategy
JPM Research
Professor of Economics
New York University
Makoto Minegishi
Director-General of the Financial Markets Department
Bank of Japan
Director of the MPA Program in Economic Policy Management and Senior Research Scholar in the Faculty of International and Public Affairs
Columbia University
System Open Market Account Manager
Federal Reserve Bank of New York
Director General of Market Operations
European Central Bank
Director of the Division of Monetary Affairs
Board of Governors of the Federal Reserve System
Ed Reilly
Managing Director and Global Treasurer
Morgan Stanley
Deputy SOMA Manager and Head of Market and Portfolio Analysis on the Open Market Trading Desk
Federal Reserve Bank of New York
Brian Sack
Portfolio Manager and Head of Macro Strategy
Balyasny Asset Management
Executive Director of the Markets Directorate
Bank of England
Member of the Governing Board, Zurich
Swiss National Bank
Angel Ubide
Managing Director
Citadel
President and CEO
Federal Reserve Bank of New York
Professor of Economics
Johns Hopkins University