Back Matter

Back Matter

International Monetary Fund. Communications Department
Published Date:
April 2015
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      Ahmed, Shaghil, and AndreiZlate. (2014). “Capital Flows to Emerging Market Economies: A Brave New World?Journal of International Money and Finance, Vol. 48 (Part B), pp. 22148.

      Avdjiev, Stefan, and ElódTakáts. (2014). “Cross-Border Bank Lending during the Taper Tantrum: The Role of Emerging Market Fundamentals.BIS Quarterly Review (September), pp. 4960.

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      Bernanke, Ben S. (2010a). “The Economic Outlook and Monetary Policy.Speech delivered at the Federal Reserve Bank of Kansas City Economic Symposium, Jackson Hole, Wyoming, August27.

      Bernanke, Ben S. (2010b). “Semiannual Monetary Policy Report to the Congress.Statement before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C., July21.

      Bernanke, Ben S. (2012). “U.S. Monetary Policy and International Implications.Speech delivered at Bank of Japan-International Monetary Fund seminarChallenges of the Global Financial System: Risks and Governance under Evolving Globalization,Tokyo, October14.

      Bernanke, Ben S. (2014). “The Federal Reserve: Looking Back, Looking Forward.Speech delivered at the Annual Meeting of the American Economic Association, Philadelphia, Pennsylvania, January3.

      Borio, Claudio, and HaibinZhu. (2012). “Capital Regulation, Risk-Taking and Monetary Policy: A Missing Link in the Transmission Mechanism?Journal of Financial Stability, Vol. 8, No. 4 (December), pp. 23651.

      Bowman, David, Juan M.Londono, and HoracioSapriza. (2014). “U.S. Unconventional Monetary Policy and Transmission to Emerging Market Economies.International Finance Discussion Papers 1109. Washington, D.C.: Board of Governors of the Federal Reserve System, June.

      Bruno, Valentina, and Hyun SongShin. (forthcoming). “Cross-Border Banking and Global Liquidity.Review of Economic Studies.

      Chen, Qianying, AndrewFilardo, DongHe, and FengZhu. (2012). “International Spillovers of Central Bank Balance Sheet Policies.” In Are Central Bank Balance Sheets in Asia Too Large? (BIS Papers 66), pp. 23074. Basel: Bank for International Settlements, October.

      D’Amico, Stefania, and Thomas B.King. (2013). “Flow and Stock Effects of Large-Scale Treasury Purchases: Evidence on the Importance of Local Supply.Journal of Financial Economics, Vol. 108, No. 2 (May), pp. 42548.

      Draghi, Mario, and VitorConstâncio. (2013). “Introductory Statement to the Press Conference (with Q&A).Speech delivered at the European Central Bank, Frankfurt, July4.

      Ehrmann, Michael, and MarcelFratzscher. (2005). “Equal Size, Equal Role? Interest Rate Interdependence between the Euro Area and the United States.Economic Journal, Vol. 115 (October), pp. 92848.

      Ehrmann, Michael, and MarcelFratzscher. (2009). “Global Financial Transmission of Monetary Policy Shocks.Oxford Bulletin of Economics and Statistics, Vol. 71, No. 6 (December), pp. 73959.

      Eichengreen, Barry. (2013). “Does the Federal Reserve Care about the Rest of the World?Journal of Economic Perspectives, Vol. 27, No. 4 (Fall), pp. 87103.

      Federal Open Market Committee. (2014). “Statement on Longer-Run Goals and Monetary Policy Strategy.Washington, D.C.: Board of Governors of the Federal Reserve System, January28.

      Fischer, Stanley. (2014). “Financial Sector Reform: How Far Are We?Martin Feldstein Lecture, National Bureau of Economic Research, Cambridge, Massachusetts, July10.

      Fleming, J. Marcus. (1962). “Domestic Financial Policies under Fixed and under Floating Exchange Rates.International Monetary Fund Staff Papers, Vol. 9, No. 3 (November), pp. 36980.

      Fratzscher, Marcel. (2012). “Capital Flows, Push versus Pull Factors and the Global Financial Crisis.Journal of International Economics, Vol. 88, No. 2 (November), pp. 34156.

      Fratzscher, Marcel, Marco LoDuca, and RolandStraub. (2013). “On the International Spillovers of U.S. Quantitative Easing.Working Paper Series 1557. Frankfurt: European Central Bank, June.

      Furceri, Davide, StéphanieGuichard, and ElenaRusticelli. (2011). “Medium-Term Determinants of International Investment Positions: The Role of Structural Policies.Economics Department Working Paper Series 863. Paris: Organisation for Economic Co-operation and Development, May.

      Gagnon, Joseph, MatthewRaskin, JulieRemache, and BrianSack. (2011). “Large-Scale Asset Purchases by the Federal Reserve: Did They Work?Economic Policy Review [Federal Reserve Bank of New York], Vol. 17, No. 1 (May), pp. 4159.

      Glick, Reuven, and SylvainLeduc. (2013). “The Effects of Unconventional and Conventional U.S. Monetary Policy on the Dollar.Working Paper 2013-11. San Francisco: Federal Reserve Bank of San Francisco, May.

      Hamilton, James D., and JingCynthia Wu. (2012). “The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment.Journal of Money, Credit and Banking, Vol. 44, Suppl. 1 (February), pp. 346.

      Hanson, Samuel, and JeremyStein. (2015). “Monetary Policy and Long-Term Real Rates.Journal of Financial Economics, Vol. 115, No. 3 (March), pp. 42948.

      Hausman, Joshua, and JonWongswan. (2011). “Global Asset Prices and FOMC Announcements.Journal of International Money and Finance, Vol. 30, No. 3 (April), pp. 54771.

      Hume, David. (1742). “Of Interest.Political Discourses, essay IV, in Eugene F.Miller, ed., Essays, Moral, Political, and Literary.Indianapolis, Indiana: Liberty Fund (1987).

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      Joyce, Michael A. S., AnaLasaosa, IbrahimStevens, and MatthewTong. (2011). “The Financial Market Impact of Quantitative Easing in the United Kingdom.International Journal of Central Banking, Vol. 7, No. 3 (September), pp. 11361.

      Kindleberger, Charles P. (1986). The World in Depression, 1929–1939.Berkeley: University of California Press.

      Luca, Oana, and NikolaSpatafora. (2012). “Capital Inflows, Financial Development, and Domestic Investment: Determinants and Interrelationships.IMF Working Paper 12/120. Washington: International Monetary Fund, May.

      Morris, Stephen, and HyunSong Shin. (2014). “Risk-Taking Channel of Monetary Policy: A Global Game Approach.Working paper, Princeton University, Princeton, New Jersey, February.

      Mundell, Robert A. (1963). “Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates.Canadian Journal of Economic and Political Science, Vol. 29, No. 4 (November), pp. 47585.

      Neely, Christopher J. (2011). “The Large-Scale Asset Purchases Had Large International Effects.Working Paper Series 2010-018C, Federal Reserve Bank of St. Louis, St. Louis, Missouri, January.

      Powell, Jerome H. (2013). “Advanced Economy Monetary Policy and Emerging Market Economies.Speech delivered at the Federal Reserve Bank of San Francisco 2013 Asia Economic Policy Conference, San Francisco, November4.

      Rey, Hélène. (2013). “Dilemma Not Trilemma: The Global Financial Cycle and Monetary Policy Independence.Paper presented at the Federal Reserve Bank of Kansas City SymposiumGlobal Dimensions of Unconventional Monetary Policy,Jackson Hole, Wyoming, August22–24.

      Rogers, John H., ChiaraScotti, and Jonathan H.Wright. (2014). “Evaluating Asset-Market Effects of Unconventional Monetary Policy: A Cross-Country Comparison.International Finance Discussion Papers 1101. Washington: Board of Governors of the Federal Reserve System, March.

      Sahay, Ratna, VivekArora, ThanosArvanitis, HamidFaruqee, PapaN’Diaye, TommasoMancini-Griffoli, and an IMF Team. (2014). “Emerging Market Volatility: Lessons from the Taper Tantrum.Staff Discussion Note SDN/14/09. Washington: International Monetary Fund, September.

      Takáts, Elod, and AbrahamVela. (2014). “International Monetary Policy Transmission.BIS Papers 78. Basel, Switzerland: Bank for International Settlements, August.

      Tarullo, Daniel K. (2014). “Stress Testing after Five Years.Speech delivered at the Board of Governors of the Federal Reserve System and Federal Reserve Bank of Boston’s Third Annual Stress Test Modeling Symposium, Boston, June25.

      Yellen, Janet L. (2014). “Monetary Policy and Financial Stability.Speech delivered at the International Monetary Fund’s 2014 Michel Camdessus Central Banking Lecture, Washington, D.C., July2.

    IMF STAFF PHOTO/Padraic Hughes

    Stanley Fischer

    Stanley Fischer has been Vice Chairman of the Board of Governors of the Federal Reserve System since June 2014. Prior to his appointment to the Board, he was governor of the Bank of Israel from 2005 through 2013. He previously served as Vice Chairman of Citigroup, First Deputy Managing Director of the IMF, and Chief Economist of the World Bank, following a career in academia that spanned more than two decades, chiefly at the Massachusetts Institute of Technology (MIT).

    Dr. Fischer has published many articles on a wide variety of economic issues, and he is the author and editor of several scholarly books. He has been a fellow at the Guggenheim Foundation, the American Academy of Arts and Sciences, and the Econometric Society, as well as a research associate at the National Bureau of Economic Research and an honorary fellow at the London School of Economics.

    Dr. Fischer was born in Lusaka, Zambia, in October 1943. He received his B.Sc. and M.Sc. in economics from the London School of Economics. He received his Ph.D. in economics from MIT in 1969. He is married with three adult children.

    The Per Jacobsson Lectures

    2014The Federal Reserve and the Global Economy. Lecture by Stanley Fischer.
    Managing Financial Crisis in an Interconnected World: Anticipating the Mega–Tidal Waves. Lecture by Zeti Akhtar Aziz (Basel).
    2013Central Banking in the Crisis: Conceptual Convergence and Open Questions on Unconventional Monetary Policy. Lecture by Jean-Claude Trichet.
    2012China’s Monetary Policy Since the Turn of the Century. Lecture by Zhou Xiaochuan (Tokyo).
    Society, Economic Policies, and the Financial Sector. Lecture by Y. V. Reddy (Basel).
    2011The IMF and the International Monetary System: Lessons from the Crisis. Lecture by Axel A. Weber.
    What Financial System for the Twenty-First Century? Lecture by Andrew Crockett (Basel).
    2010Navigating the New Normal in Industrial Countries. Lecture by Mohamed A. El-Erian.
    Markets and Government Before, During, and After the 2007–20XX Crisis. Lecture by Tommaso Padoa-Schioppa (Basel).
    2009Growth After the Storm? A Longer-Run Perspective. Lecture by Kemal Derviş (Istanbul).
    2008The Role and Governance of the IMF: Further Reflections on Reform. Symposium panelists: Stanley Fischer, Trevor Manuel, Jean Pisani-Ferry, and Raghuram Rajan.
    The Approach to Macroeconomic Management: How It Has Evolved. Lecture by Lord George (Basel).
    2007Balance of Payments Imbalances. Lecture by Alan Greenspan.
    2006Asian Monetary Integration: Will It Ever Happen? Lecture by Tharman Shanmugaratnam (Singapore).
    Competition Policy and Monetary Policy: A Comparative Perspective. Lecture by Mario Monti (Bern).
    2005International Financial Institutions: Dealing with New Global Challenges. Lecture by Michel Camdessus.
    2004The U.S. Current Account Deficit and the Global Economy. Lecture by Lawrence H. Summers. Some New Directions for Financial Stability? Lecture by C.A.E. Goodhart, CBE (Zurich).
    2003The Arab World: Performance and Prospects. Lecture by Abdlatif Yousef Al-Hamad (Dubai).
    2002The Boom-Bust Capital Spending Cycle in the United States: Lessons Learned. Lecture by E. Gerald Corrigan.
    Recent Emerging Market Crises: What Have We Learned? Lecture by Guillermo Ortiz (Basel).
    2001No lecture took place due to the cancellation of the Annual Meetings of the IMF and the World Bank.
    2000Ten Years On—Some Lessons from the Transition. Lecture by Josef Tošovský (Prague).
    Strengthening the Resilience of Financial Systems. Symposium panelists: Peter B. Kenen, Arminio Fraga, and Jacques de Larosière (Lucerne).
    1999The Past and Future of European Integration—A Central Banker’s View. Lecture by Willem F. Duisenberg.
    1998Managing the International Economy in the Age of Globalization. Lecture by Peter D. Sutherland.
    1997Asian Monetary Cooperation. Lecture by Joseph C.K. Yam, CBE, JP (Hong Kong SAR).
    1996Financing Development in a World of Private Capital Flows: The Challenge for International Financial Institutions in Working with the Private Sector. Lecture by Jacques de Larosière.
    1995Economic Transformation: The Tasks Still Ahead. Symposium panelists: Jan Svejnar, Oleh Havrylyshyn, and Sergei K. Dubinin.
    1994Central Banking in Transition. Lecture by Baron Alexandre Lamfalussy (London).
    Capital Flows to Emerging Countries: Are They Sustainable? Lecture by Guillermo de la Dehesa (Madrid).
    1993Latin America: Economic and Social Transition to the Twenty-First Century. Lecture by Enrique V. Iglesias.
    1992A New Monetary Order for Europe. Lecture by Karl Otto Pöhl.
    1991The Road to European Monetary Union: Lessons from the Bretton Woods Regime. Lecture by Alexander K. Swoboda (Basel).
    Privatization: Financial Choices and Opportunities. Lecture by Amnuay Viravan (Bangkok).
    1990The Triumph of Central Banking? Lecture by Paul A. Volcker.
    1989Promoting Successful Adjustment: The Experience of Ghana. Lecture by J.L.S. Abbey.
    Economic Restructuring in New Zealand Since 1984. Lecture by David Caygill.
    1988The International Monetary System: The Next Twenty-Five Years. Symposium panelists:
    Sir Kit McMahon, Tommaso Padoa-Schioppa, and C. Fred Bergsten (Basel).
    1987Interdependence: Vulnerability and Opportunity. Lecture by Sylvia Ostry.
    1986The Emergence of Global Finance. Lecture by Yusuke Kashiwagi.
    1985Do We Know Where We’re Going? Lecture by Sir Jeremy Morse (Seoul).
    1984Economic Nationalism and International Interdependence: The Global Costs of National Choices. Lecture by Peter G. Peterson.
    1983Developing a New International Monetary System: A Long-Term View. Lecture by H. Johannes Witteveen.
    1982Monetary Policy: Finding a Place to Stand. Lecture by Gerald K. Bouey (Toronto).
    1981Central Banking with the Benefit of Hindsight. Lecture by Jelle Zijlstra; commentary by Albert Adomakoh.
    1980Reflections on the International Monetary System. Lecture by Guillaume Guindey; commentary by Charles A. Coombs (Basel).
    1979The Anguish of Central Banking. Lecture by Arthur F. Burns; commentaries by Milutin Ćirović and Jacques J. Polak (Belgrade).
    1978The International Capital Market and the International Monetary System. Lecture by Gabriel Hauge and Erik Hoffmeyer; commentary by Lord Roll of Ipsden.
    1977The International Monetary System in Operation. Lectures by Wilfried Guth and Sir Arthur Lewis.
    1976Why Banks Are Unpopular. Lecture by Guido Carli; commentary by Milton Gilbert (Basel).
    1975Emerging Arrangements in International Payments: Public and Private. Lecture by Alfred Hayes; commentaries by Khodadad Farmanfarmaian, Carlos Massad, and Claudio Segré.
    1974Steps to International Monetary Order. Lectures by Conrad J. Oort and Puey Ungphakorn; commentaries by Saburo Okita and William McChesney Martin (Tokyo).
    1973Inflation and the International Monetary System. Lecture by Otmar Emminger; commentaries by Adolfo Diz and János Fekete (Basel).
    1972The Monetary Crisis of 1971: The Lessons to Be Learned. Lecture by Henry C. Wallich; commentaries by C.J. Morse and I.G. Patel.
    1971International Capital Movements: Past, Present, Future. Lecture by Sir Eric Roll; commentaries by Henry H. Fowler and Wilfried Guth.
    1970Toward a World Central Bank? Lecture by William McChesney Martin; commentaries by Karl Blessing, Alfredo Machado Gómez, and Harry G. Johnson (Basel).
    1969The Role of Monetary Gold over the Next Ten Years. Lecture by Alexandre Lamfalussy; commentaries by Wilfrid Baumgartner, Guido Carli, and L.K. Jha.
    1968Central Banking and Economic Integration. Lecture by M.W. Holtrop; commentary by Lord Cromer (Stockholm).
    1967Economic Development: The Banking Aspects. Lecture by David Rockefeller; commentaries by Felipe Herrera and Shigeo Horie (Rio de Janeiro).
    1966The Role of the Central Banker Today. Lecture by Louis Rasminsky; commentaries by Donato Menichella, Stefano Siglienti, Marcus Wallenberg, and Franz Aschinger (Rome).
    1965The Balance Between Monetary Policy and Other Instruments of Economic Policy in a Modern Society. Lectures by C.D. Deshmukh and Robert V. Roosa.
    1964Economic Growth and Monetary Stability. Lectures by Maurice Frère and Rodrigo Gómez (Basel).

    The Per Jacobsson Lectures are available on the Internet at, which also contains further information on the Foundation. Copies of the Per Jacobsson Lectures may be acquired without charge from the Secretary. Unless otherwise indicated, the lectures were delivered in Washington, D.C.

    The Per Jacobsson Foundation

    Founding Honorary Chairmen:Eugene R. Black
    Marcus Wallenberg
    Past Chairmen:W. Randolph Burgess
    William McC. Martin
    Sir Jeremy Morse
    Jacques de Larosière
    Sir Andrew Crockett
    Past Presidents:Frank A. Southard, Jr.
    Jacques J. Polak
    Leo Van Houtven
    Caroline Atkinson
    Nemat (Minouche) Shafik

    Founding Sponsors

    Hermann J. AbsViscount HarcourtJean Monnet
    Roger AuboinGabriel HaugeWalter Muller
    Wilfrid BaumgartnerCarl Otto HenriquesJuan Pardo Heeren
    S. Clark BeiseM.W. HoltropFederico Pinedo
    B.M. BirlaShigeo HorieAbdul Qadir
    Rudolf BrinckmannClarence E. HunterSven Raab
    Lord CobboldH.V.R. IengarDavid Rockefeller
    Miguel CuadernoKaoru InouyeLord Salter
    R.v. FieandtAlbert E. JanssenPierre-Paul Schweitzer
    Maurice FrèreRaffaele MattioliSamuel Schweizer
    E.C. FussellJ.J. McElligottAllan Sproul
    Aly GritlyJohan MelanderWilhelm Teufenstein
    Eugenio GudinDonato MenichellaGraham Towers
    Gottfried HaberlerEmmanuel MonickJoseph H. Willits

    Board of Directors

    Guillermo Ortiz —Chairman of the Board

    Abdlatif Y. Al-HamadDavid Lipton
    Nancy BirdsallAlassane D. Ouattara
    Jaime CaruanaShigemitsu Sugisaki
    Malcolm D. KnightEdwin M. Truman
    Horst KöhlerMarcus Wallenberg
    Christine Lagarde


    David Lipton—President
    Kate Langdon—Vice President and Secretary
    Thomas Krueger—Treasurer
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