Bank of England Conference
Financial Services Indices, Liquidity and Economic Activity
In honour of Oswald Distinguished Professor William A Barnett
May 23-24, 2017 Bank of England, London
The “Financial Services Indices, Liquidity and Economic Activity” conference, co-hosted by the Bank of England and the Financial Resilience Research Centre at the University of Birmingham, was held in honor of CFS Director and Oswald Distinguished Professor William A. Barnett. The event gathered prominent leaders from academia, business and government. CFS was honored to be a part of this select group and to recognize the seminal work that has been accomplished by Bill Barnett including Advances in Monetary and Financial Measurement.
Discussions focused on understanding and assessing the macroeconomic implications of liquidity, the liquidity creation process, and the impacts of liquidity on financial markets and economic activity.
Presentations:
Day 1: 23 May 2017
Session 1 - Liquidity and Monetary Policy - Chair David Aikman
- Monetary Turbulence & The Supply Of Liquidity - Robert Z. Aliber
- What Were the Causes of the Great Recession?: The Importance of the ‘Which Aggregate?’ Debate - Tim Congdon
- Role of Pledged Collateral in Liquidity Metrics and Monetary Policy - Manmohan Singh
- Financial Vulnerabilities, Macroeconomic Dynamics, and Monetary Policy - David Aikman, Andreas Lehnert, Nellie Liang and Michele Modugno
Session 2 - Producing Liquidity and Excess Liquidity - Chair Jan Willem Van den End
- Money and the Measurement of Total Factor Productivity - W. Erwin Diewert and Kevin J. Fox
- Producing Liquidity - Dennis Fixler and Kim Zieschang
- Applying Complexity Theory To Interest Rates: Evidence Of Critical Transitions In The Euro Area - Jan Willem van den End
- Keynote: Unsolved Problems in Monetary Aggregation and Transmission - William A. Barnett
Session 3 - Liquidity Creation and Macroeconomic Policy - Chair Jean-Loup Soula
- Too Big to Care, Too Small to Matter: Macrofinancial Policy and Bank Liquidity Creation - Michael Bowe, Olga Kolokolova and Marcin Michalski
- The Supply of Liquidity and Real Economic Activity - Jonathan Goldberg
- The House Of Debt Effect: Consumption of Investment? Mortgage Growth and Post-Crisis Recession Severity - Dirk Bezemer and Lu Zhang
- Technical Efficiency In Bank Liquidity Creation - Hasan Iftekhar and Soula Jean-Loup
Day 2: 24 May 2017
Session 4 - Financial Services Indices, Liquidity and Economic Activity - Chair Jane Binner
- A Broad Monetary Services (Liquidity) Index and its Long‐Term Links to Economic Activity - Richard Anderson, John Duca and Barry Jones
- The Optimal Monetary Instrument and the (Mis)Use of Causality Tests - John Keating and Lee Smith
- On the Robustness of Sluggish State-based Neural Networks for Providing Useful Insight into the Output Gap - Jane Binner, Jon Tepper, and Logan Kelly
Session 5 - Structural Change, Volatility and Shocks - Chair Taniya Ghosh
- Structural Changes and the Role of Monetary Aggregates in the UK - Rakesh Bissoondeeal, Michael Karaglou and Jane Binner
- Identifying Aggregate Liquidity Shocks with Monetary Policy Shocks: An Application using UK Data - Michael Ellington and Costas Milas
- Liquidity in the Liquidity Crisis - What Can We Learn from Country Level Liquidity in the EMU? - Makram El-Shagi and Logan Kelly
- Has Money Lost Its Relevance? Resolving the Exchange Rate Disconnect Puzzle in the Small, Open Economies - Soumya Bhadury and Taniya Ghosh
- Keynote: Preventative Macroprudential Policy: Treasury Liability Management - Presentation Slides - Lawrence Goodman
Session 6 - Tests of Index Numbers, Separability and Price Duals - Chair Victor Valcarcel
- User Cost of Credit Card Services Under Intertemporal Nonseparability - William A. Barnett and Jinan Liu
- Revealed Preference Tests of Indirect and Homothetic Weak Separability of Consumption, Leisure and Money - Per Hjertstrand and James Swofford and Gerald Whitney
- Scotland as an Optimal Currency Area - Jane Binner, Sajid Chaudhry, Andrew Mullineux and James Swofford
- Interest Rate Pass-through: Divisia User Costs and the Federal Funds Rate - Victor Valcarcel
Poster Competition
35 delegates were invited to present posters on topics ranging from the macroeconomic implications of liquidity, the liquidity creation process, and the impacts of liquidity on financial markets and economic activity. The competition was judged by all delegates. Grateful thanks are due to Andrew Haldane, Chief Economist at the Bank of England for his selection of the three prize winning posters.
1st Prize  |
2nd Place  |
3rd Place  |
Click on images for larger versions of the posters
Delegates
