Norges Bank conference. Of the Uses of Central Banks: Lessons from History. Norges Bank, Oslo, 5-6 June 2014 PROGRAM. Program committee/editors

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1 Norges Bank conference Of the Uses of Central Banks: Lessons from History Norges Bank, Oslo, 5-6 June 2014 PROGRAM Program committee/editors Michael D. Bordo, Øyvind Eitrheim, Norges Bank Marc Flandreau, The Graduate Institute Jan F. Qvigstad, Norges Bank The conference will highlight evolutionary perspectives on central banks responsibilities for price stability and financial stability. We seek high quality contributions which cover different aspects of central banks and central banking and how these tasks have been dealt with and developed over the course of the past two centuries. Sessions cover historical perspectives and international dimensions of central banking, the limitations and delineation of central banks responsibilities in providing well-functioning financial markets and payment systems, as well as lessons we can draw from the recent financial crisis which will help shape the future use of central banks. In addition to 14 presentations there will be two panel debates, with a history panel and a policy panel respectively. All accepted papers will be considered for publication in a conference volume at a good academic publisher (e.g. Cambridge University Press). Project timeline: The papers accepted for presentation at the June 5-6, 2014 conference in Oslo will be circulated in Norges Banks Working Paper series. The deadline for this version is May 17, 2014 for distribution to discussants and electronic publishing for the conference. After the conference there will be a tight editorial process and the final manuscripts are due to be sent off to the publisher of the conference volume by the end of December If you have further questions regarding the project, please direct your to BicentenaryProject@norges-bank.no or oyvind.eitrheim@norges-bank.no ( ). 1

2 Thursday 5 June 2014 Opening 8:30 Opening Remarks Session I 8:45-11:30 Central Banks: Historical Perspectives Clemens Jobst (Oesterreichische Nationalbank) and Stefano Ugolini (University of Toulouse), "The Coevolution of Money Markets and Monetary Policy, Forrest Capie (Cass Business School), Geoffrey Wood (Cass Business School) and Juan Castañeda (University of Buckingham), "Central Bank Independence in Small Open Economies" Richard S. Grossman (Wesleyan University) and Hugh Rockoff (Rutgers University), "Fighting the Last War: economists on the lender of last resort" Lunch 11:30-12:45 Session II 12:45-14:30 History panel Moderator: Michael D. Bordo, Session III 15-18:15 Central Banking: International Dimensions Barry Eichengreen (University of California, Berkeley) and Marc Flandreau (The Graduate Institute), A Century and a Half of Central Banks, International Reserves and International Currencies Catherine Schenk (University of Glasgow) and Tobias Straumann (University of Zurich), International Monetary Policy Regimes: Historical Perspectives Claudio Borio (Bank for International Settlements), Harold James (Princeton University), and Hyun Song Shin (), Banking gluts in history Menzie Chinn (University of Wisconsin), Central banking: Perspectives from emerging economies 2

3 Friday 6 June 2014 Session IV 08:30-12 Central Banking: Delineation and Limitation Gianni Toniolo (Duke University) and Eugene White (), "The Financial Stability Mandate: International Comparisons Markus K. Brunnermeier () and Isabel Schnabel (Johannes Gutenberg University Mainz), "Central Banks and Asset Bubbles: Historical Perspectives" Charles Kahn (University of Illinois at Urbana-Champaign), Stephen Quinn (Texas Christian University), and Will Roberds (Federal Reserve Bank of Atlanta), "Central Banks and Payment Systems: the Evolving Trade-off between Cost and Risk" Will Roberds (Federal Reserve Bank of Atlanta), Thomas Sargent (New York University) and François R. Velde (Federal Reserve Bank of Chicago), "Early Public Banks" Lunch 12-13:15 Session V 13:15-15:00 Policy panel Moderator: Stefan Gerlach, Deputy Governor, Central Bank of Ireland Session VI 15:30-17:30 Of the Uses of Central Banks: Historical Lessons Michael D. Bordo () and Pierre Siklos (Wilfrid Laurier University), "Central Bank Credibility: An Historical and Quantitative Exploration" Charles Goodhart (London School of Economics), "Central Bank Evolution: Lessons learnt from the Sub-prime Crisis" Andrew G. Haldane (Bank of England) and Jan F. Qvigstad (Norges Bank), "The evolution of Central Banks as Institutions: A Practitioner s Perspective" End 17:30 End Remarks 3

4 Of the Uses of Central Banks: Lessons from History Overview/authors A Century and a Half of Central Banks, International Reserves and International Currencies Barry Eichengreen University of California Berkeley Marc Flandreau The Graduate Institute Geneva International Monetary Policy Regimes: Historical Perspectives Catherine Schenk University of Glasgow Tobias Straumann University of Zurich Central Bank Credibility: An Historical and Quantitative Exploration Michael D. Bordo Pierre Siklos Wilfrid Laurier University Central Bank Independence in Small Open Economies Forrest Capie Cass Business School Geoffrey Wood Cass Business School Juan Castañeda University of Buckingham Fighting the Last War: economists on the lender of last resort Richard S. Grossman Wesleyan University Hugh Rockoff Central Banks and Payment Systems: the Evolving Trade-off between Cost and Risk Charles Kahn University of Illinois at Urbana-Champaign Stephen Quinn Texas Christian University Will Roberds Federal Reserve Bank of Atlanta Early Public Banks Will Roberds Federal Reserve Bank of Atlanta Thomas Sargent New York University François R. Velde Federal Reserve Bank of Chicago Banking gluts in history Claudio Borio Bank for International Settlements Harold James Hyun Song Shin Central banking: Perspectives from emerging economies Menzie Chinn University of Wisconsin 4

5 Central Bank Evolution: Lessons learnt from the Sub-prime Crisis Charles Goodhart London School of Economics The Coevolution of Money Markets and Monetary Policy, Clemens Jobst Österreichische National Bank Stefano Ugolini University of Toulouse The Financial Stability Mandate: International Comparisons Gianni Toniolo Duke University and LUISS Eugene White Central Banks and Asset Bubbles: Historical perspectives Markus K. Brunnermeier Isabel Schnabel Johannes Gutenberg University Mainz The evolution of Central Banks as Institutions: A Practitioner s Perspective Andrew G. Haldane Bank of England Jan F. Qvigstad Norges Bank 5