Event Agenda

• 9:30 - 12:35

  Morning Session

• Overview

  • 

    Signe Krogstrup

    Presenter

    Assistant Director and Deputy Head of Monetary Policy Analysis, Swiss National Bank

    Visiting Fellow, Peterson Institute for International Economics

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    Signe Krogstrup

    Signe Krogstrup, visiting fellow at the Peterson Institute from August 2015 to April 2016, is currently on leave from the Swiss National Bank, where she has served as assistant director and deputy head of monetary policy analysis since 2011. She previously served as a senior economist (2010–11) and as an adviser to the vice-governor (2008–10) of the Swiss National Bank. In 2012–13, she served as an external expert on the Danish government appointed Committee on the Identification, Regulation, and Resolution of Systemically Important Financial Institutions in Denmark. Krogstrup previously worked or consulted for the United Nations, the International Monetary Fund, the European Central Bank, and Goldman Sachs. She has taught graduate courses in international macroeconomics and finance at the Graduate Institute of International and Development Studies (Geneva), University of St. Gallen, and at ETH (Zurich). She is a member of the World Economic Forum’s Global Agenda Council (GAC) on Global Economic Imbalances (since 2014), and was on the GAC on the International Monetary System (2012–14). Krogstrup received a doctoral degree in international economics from the Graduate Institute in Geneva in 2003, and a master’s degree in economics from the University of Copenhagen in 1999.

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  • 

    Seth Carpenter

    Discussant

    Head of US Research, Rokos Capital Management LLP

    Former Acting Assistant Secretary for Financial Markets, U.S. Treasury Department

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    Seth Carpenter

    Seth Carpenter is Head of US Research for Rokos Capital Management. Before this position, Dr. Carpenter was at the U.S. Treasury Department, having been nominated by President Obama to be Assistant Secretary for Financial Markets in 2014 and became Acting Assistant Secretary for Financial Markets in early 2015. Previously, from 2013 to 2014, he served as the Deputy Assistant Secretary for Economic Policy at Treasury. Prior to serving at Treasury, he served at the Board of Governors of the Federal Reserve System from 1999 to 2014. Dr. Carpenter began his service with the Federal Reserve as a research economist and rose to the rank of Deputy Director of the Division of Monetary Affairs. He has taught undergraduate and graduate courses at Duke University, the College of William and Mary, The George Washington University, and The Johns Hopkins University. Dr. Carpenter also served as a Member of the Board of Advisors for the Thomas Jefferson Public Policy Program at the College of William and Mary. He received a B.A. in French and Economics from The College of William and Mary and an M.A. and Ph.D. in Economics from Princeton University.

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• Presentation

  • 

    Jean-Pierre Danthine

    Presenter

    Professor of Finance and Economics, Paris School of Economics

    Former Vice President, Swiss National Bank

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    Jean-Pierre Danthine

    During most of his career (1980-2009), Jean-Pierre Danthine was a teacher and researcher in the Faculty of Business and Economics (HEC) at Lausanne University, of which he was also vice-rector from 1987 to 1991. After studying at Louvain in Belgium and at Carnegie-Mellon University (Ph.D. 1976), he taught for some years at Columbia University before moving to Switzerland, and always kept one foot in North America via many academic stays at Columbia, the University of Southern California and New York City College. From 1996, he headed the FAME (1) in Genova, and from 2005 to 2009 the Swiss Finance Institute (2), a private foundation that “supports and advances research, doctoral training and executive education in banking and finance”. He was also a fellow of the CEPR – and a member of its board of trustees – and of the European Economic Association. Within these entities and through his prolific research, Jean-Pierre Danthine developed a great expertise and an international reputation in banking and finance macroeconomics. In mid-2010, he left the SFI to join the Executive Board of the Swiss National Bank, before becoming its vice-president from 2012 to the summer of 2015. In this same period, he managed the second department, in charge of financial stability, notes and coins, as well as finance and risks. Renowned economist and experienced leader in an international environment, Jean-Pierre Danthine was elected unanimously by the members of PSE Board of Directors to become the new president of this young institution, which must now acquire the resources needed to consolidate its position among the world's best economics research centres.

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  • 

    Jamie McAndrews

    Discussant

    Executive Vice President and Director of Research, Federal Reserve Bank of New York

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    Jamie McAndrews

    James J. McAndrews isthe Director ofResearch. His research focuses on the economics of money, payments, and banking. He has worked on many policy issues for the Bank in those areas. He has participated in several Federal Reserve System and international work groups. He has served as a consulting economist to the Bank of England, Reserve Bank of Australia, the Swedish Riksbank, the Bank of Japan, and to the World Bank. Mr. McAndrews joined the Bank in 1997 after having served as a Senior Economist and Research Advisor at the Federal Reserve Bank of Philadelphia.

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• Presentation

  • 

    Niels Lynggård Hansen

    Presenter

    Head of Economics, Danmarks Nationalbank

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    Niels Lynggård Hansen

    Niels Lynggård Hansen is director at Danmarks Nationalbank. He graduated with a Cand. Polit. (Econ) degree from the University of Copenhagen (DK), and DEA (degree d’études approfondies, économie mathématique et économétrie) from Groupe de Recherche en Economie Quantitative et Econometrie (GREQE) at Université d’Aix-Marseille (FR), before earning a PhD (Econ) from the University of Aarhus (DK) in 1996. He joined Danmarks Nationalbank in 1994, where he has worked in different areas such as government debt management, economic modeling and analysis, statistics, forecasting and monetary policy analysis. Since 2011 he has been head of Economics Department. Over the years he has taught several courses at the economics program of the University of Copenhagen on such topics as macroeconomics, growth theory, microeconomics, macroeconometric modeling and forecasting, and monetary economics.

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  • 

    Alex Roever

    Discussant

    Managing Director, Head of U.S. Interest Rate Strategy, J.P. Morgan Securities LLC

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    Alex Roever

    Alex Roever is Head of US Interest Rate Strategy for J.P. Morgan Securities LLC. He leads a team of strategists covering US Treasuries, Agencies and other interest rate sensitive products. Alex also leads J.P. Morgan’s Short-Term Fixed Income Strategy team, which covers interest rate and credit markets from overnight to three-years. Additionally, he coordinates research on emerging financial regulations and their impact on US fixed income markets. Alex earned an MBA from Emory University, an MA in Economics from Georgia State University, and a BA from Vanderbilt University. He is also a CFA charterholder.

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• Paper

  • 

    Massimo Rostagno

    Author

    Director General, Monetary Policy, European Central Bank

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    Massimo Rostagno

    Massimo Rostagno is Director of the Directorate Monetary Policy within the ECB’s Directorate General Economics. Before joining the European Central Bank in 1998, he was a research economist at the Banca d’Italia and later desk Economist in the European Department of the IMF. He has written on the political economy of fiscal policy, on the reform of social security, on the history and theory of monetary standards, on stochastic general equilibrium macro-modelling and on monetary economics in general. He has published in the American Economic Review, the Quarterly Journal of Economics, the Journal of Money, Credit and Banking, the Journal of Economic Dynamics and Control and contributed to several other publications.

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  • 

    Torsten Slok

    Discussant

    Chief International Economist and Managing Director, Deutsche Bank Securities, Inc.

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    Torsten Slok

    Torsten Slok joined Deutsche Bank Securities in the fall of 2005. Mr. Slok’s Economics team has been top-ranked by Institutional Investor in fixed income and equities for the past five years. Slok currently serves as a member of the Economic Club of New York.

    Prior to joining the firm, Mr. Slok worked at the OECD in Paris in the Money and Finance Division and the Structural Policy Analysis Division. Before joining the OECD he worked for four years at the IMF in the Division responsible for writing the World Economic Outlook and the Division responsible for China, Hong Kong, and Mongolia.

    Mr. Slok studied at University of Copenhagen and Princeton University. He has published numerous journal articles and reviews on economics and policy analysis, including in Journal of International Economics, Journal of International Money and Finance, and The Econometric Journal.

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• 12:35 - 1:45

  Lunch

• 1:45 - 3:15

  Afternoon Session: Negative Rates in the U.S.

• Paper

  • 

    Miles Kimball

    Author

    Professor of Economics, University of Michigan

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    Miles Kimball

    Miles Kimball is Professor of Economics and Survey Research at the University of Michigan. Politically, Miles is an independent who grew up in an apolitical family. He holds many strong opinions—open to revision in response to cogent arguments—that do not line up neatly with either the Republican or Democratic Party.

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  • 

    Donald Kohn

    Senior Fellow, Economic Studies

    Robert S. Kerr Senior Fellow

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• Panel Discussion

  • 

    Ben S. Bernanke

    Distinguished Fellow in Residence, Economic Studies

    @BenBernanke

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  • 

    Narayana Kocherlakota

    Lionel W. McKenzie Professor of Economics

    University of Rochester

    Former President

    Federal Reserve Bank of Minneapolis

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    Narayana Kocherlakota

    Narayana Kocherlakota received a PhD in economics from The University of Chicago in 1987, under the guidance of Lars Peter Hansen and Jose Scheinkman (Rochester PhD and Lionel McKenzie student). Since that time, he has held academic appointments at a number of institutions, including Stanford University, Northwestern University, The University of Iowa, and the University of Minnesota. He was the President and CEO of the Federal Reserve Bank of Minneapolis from 2009-2015. As part of his responsibilities in that position, he served on the Federal Open Market Committee (FOMC), the monetary policymaking arm of the Federal Reserve System.

    His past research includes theoretical and empirical contributions to many fields in economics, including the economics of money and payments, business cycles, financial economics, public finance, and dynamic games/contracts. His current research is on monetary policy.

    As a member of the FOMC, he spoke and wrote about a number of aspects of economic policy. As a professor, he intends to continue to write about economic policy.

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  • 

    Jamie McAndrews

    Discussant

    Executive Vice President and Director of Research, Federal Reserve Bank of New York

    View Bio

    Jamie McAndrews

    James J. McAndrews isthe Director ofResearch. His research focuses on the economics of money, payments, and banking. He has worked on many policy issues for the Bank in those areas. He has participated in several Federal Reserve System and international work groups. He has served as a consulting economist to the Bank of England, Reserve Bank of Australia, the Swedish Riksbank, the Bank of Japan, and to the World Bank. Mr. McAndrews joined the Bank in 1997 after having served as a Senior Economist and Research Advisor at the Federal Reserve Bank of Philadelphia.

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  • 

    Beth Hammack

    Managing Director & Global Head of Short Term Rates

    Goldman Sachs

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    Beth Hammack

    Beth Hammack is global head of Short Term Rates Trading at Goldman Sachs and is a member of the firm’s Finance Committee, Securities Division Risk Committee and GS Bank Management Committee.

    She joined Goldman Sachs in 1993 as an analyst in Capital Markets and in 1994 she moved to the Interest Rate Derivatives desk, where she traded a variety of products, focusing primarily on options. Beth moved to cash trading in 2000 as head of the US Agency desk, adding responsibility for US Treasuries and Pass-throughs in 2010. She moved to Short Term Interest Rates in 2013, adding short rates and FX forwards in 2015. She was named managing director in 2003 and partner in 2010. Beth earned an AB in Economics and History from Stanford University in 1993.

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