Central banks, macro-financial stability and the future of the financial system

The 22nd BIS Annual Conference took place in Basel, Switzerland, on 23 June 2023. The event brought together a distinguished group of central bank Governors, leading academics and former public officials to exchange views on the topic "Central banks, macro-financial stability and the future of the financial system". The papers presented at the conference are released as BIS Working Papers, nos 1136, 1137 and 1138.

BIS Paper no 140 contains keynote speeches on "Monetary policy and financial stability: A US perspective" by Esther L George (Former President and CEO, Federal Reserve Bank of Kansas City) and on "Power and progress: Our thousand-year struggle over technology and prosperity" by Daron Acemoğlu (Institute Professor, Massachusetts Institute of Technology). It also contains remarks from two panel discussions. In the first panel, the topic of the "Future of crypto" is debated by Hilary J Allen (Professor of Law and the Associate Dean for Scholarship, American University Washington College of Law), Jón Daníelsson (Director of the Systemic Risk Centre, London School of Economics and Political Science) and Fabio Panetta (Member of the Executive Board, European Central Bank). In the closing panel, the question of "What is the remit of central banks?" is addressed by Ida Wolden Bache (Governor and Chair of the Executive Board, Central Bank of Norway), Shaktikanta Das (Governor, Reserve Bank of India) and Tiff Macklem (Governor, Bank of Canada).

Expectations and the neutrality of interest rates, BIS Working Papers No 1136
by John H Cochrane

International portfolio frictions, BIS Working Papers No 1137
by Wenxin Du

Dealer capacity and US Treasury market functionality, BIS Working Papers No 1138
by Darrell Duffie