Removing the Zero Lower Bound on Interest Rates

Brevan Howard Centre for Financial Analysis
Imperial College Business School
CEPR & Swiss National Bank

“Removing the Zero Lower Bound on Interest Rates”

London, Monday 18th May 2015

Programme (pdf)

First Keynote Speech
Kenneth Rogoff,
Harvard University

Second Keynote Speech
Willem Buiter, 
Citigroup and CEPR

It’s Time to Remove the Lower Bound on Interest Rates and Here’s the How To


Panel 1: Market Participant Views
Scott Bessent (Soros Fund Management)
Alan Howard (Brevan Howard)
Andrew Morton (Citigroup)
Nikhil Srinivasan (Generali)

Panel 2: Economic, Financial, Legal and Practical Issues
Marvin Goodfriend (Carnegie Mellon University) Central bank implementation
David Humphrey (Florida State University) Payment systems aspects
Harold James (Princeton University) History of dual currencies
Miles Kimball (University of Michigan) Practical details of negative interest rates

Overcoming the zero lower bound with negative interest rate policy 
Marvin Goodfriend (Carnegie Mellon University, Tepper School)


Payment systems aspects
David Humphrey (Florida State University)


Dual Currencies
Harold James (Princeton University)


Practical details of negative interest rates
Miles Kimball (University of Michigan)


Panel 3: Central Bank Views
Katrin Assenmacher (Swiss National Bank)
Ulrich Bindseil (European Central Bank)
Niels Lynggaard (Danmarks Nationalbank)
Jamie McAndrews (Federal Reserve Bank of New York)

Speech: Benoit Coeure (European Central Bank) - at The Berkeley Hotel, London

Additional interviews

Charles Goodhart

Marianne Nessen

Martin Andersson

Franklin Allen, 
Executive Director, Brevan Howard Centre, Imperial College Business School and CEPR
Signe Krogstrup, Assistant Director, Deputy Head of Monetary Policy Analysis , Swiss National Bank

Additional resources

Rogoff 2014, 'Costs and Benefits to Phasing Out Paper Currency'

Buiter 2010, ‘Reversing unconventional monetary policy’
Buiter 2009, ‘Negative nominal interest rates; three ways to overcome the zero lower bound’

Buiter 2009, ‘Negative interest rates, Sharia law and tech stocks’
Buiter 2009, ‘The Wonderful World of Negative Nominal Interest Rates, Again’
Buiter 2009, ‘Negative interest rates: when are they coming to a central bank near you?’
Buiter 2007, ‘Is numérairology the future of monetary economics? Unbundling numéraire and medium of exchange through a virtual currency with a shadow exchange rate’
Buiter 2005, ‘Overcoming the zero bound: Gesell vs. Eisler: Discussion of Mitsuhiro Fukao's, "The effects of 'Gesell' (currency) taxes in promoting Japan's economic recovery’
Buiter 2004, ‘The return of deflation: what can central banks do?’
Buiter 2003, ‘Overcoming the zero bound on nominal interest rates with negative interest on currency: Gesell's solution’
Buiter 2001, ‘Liquidity Traps: How to Avoid Them and How to Escape Them’

Goodfriend 2000, 'Overcoming the Zero Bound on Interest Rate Policy'

Humphrey 2015, 'Negative Interest Rates and the Demand for Cash'

Kimball; blog on eliminating the Zero Lower Bound

Kimball; blog on how and why to eliminate the Zero Lower Bound

McAndrews, speech at the University of Wisconsin, May 2015