Miller Center

Media Contact: Howard Witt, 434-924-6051

The 2014 Mortimer Caplin Conference on the World Economy

Life After Zero: The Implications of Unconventional Monetary Policy, Foreign and Domestic

The financial crisis that began in 2007 presented real challenges for central banks across the globe. Monetary authorities in the United States, United Kingdom, European Union, and Japan all lowered lending rates to almost zero percent, essentially eliminating that policy lever. These banks continued attempting to influence the domestic economy through the use of unconventional means—primarily the large-sale purchase of securities and other assets, which, in turn, would increase money in circulation. 

How do policymakers manage the economy in a zero interest rate environment? What other policy levers can be used effectively? Likewise, what does a zero interest rate environment mean for the private sector? 

The 2014 Mortimer Caplin Conference on the World Economy—“Life After Zero: The Implications of Unconventional Monetary Policy, Foreign and Domestic”—will gather scholars, experts, government officials, and leaders in business and finance to address the effectiveness and consequences of those unconventional means employed by central banks.

Two separate conferences will be organized -- one in the United States and one abroad -- in order to examine this topic from a multilateral perspective. The Miller Center's conference will be held in Washington, DC, on December 11, 2014. Our partner for this year's Caplin Conference, the London School of Economics, will convene the second gathering in London on January 19, 2015. Upon the conclusion of both conferences, a joint report featuring conclusions and recommendations will be developed and disseminated to key target audiences. 

December 11, 2014 Conference Agenda:

1:00-1:15pm Welcome & Introductory Remarks

- Gov. Gerald. L. Baliles, Director & CEO, Miller Center

- Charles Goodhart, Director, Financial Regulation Research Program, London School of Economics

- David Leblang, Chair, Department of Politics, University of Virginia; J. Wilson Newman Professor of Governance, Miller Center

1:15-1:45pm Opening Commentary: "The State of Global Monetary Policy"

- David Wessel, Director, Hutchins Center on Fiscal & Monetary Policy, Brookings Institution; contributing correspondent, The Wall Street Journal

2:00-3:15pm Panel 1: "Governing After Zero: The View from the Private Sector"

- Binyamin Applebaum (panel chair), economics reporter, The New York Times

Charles Goodhart, Director, Financial Regulation Research Program, London School of Economics

- Desmond Lachman, Resident Fellow, American Enterprise Institute

- Shirley Lin, The Chinese University of Hong Kong

3:15-3:30pm Break

3:30-4:45pm Panel 2: "Governing After Zero: The View from the Public Sector"

- John Hilsenrath (panel chair), Chief Economics Correspondent, Wall Street Journal

Michael Bordo, Board of Governors Professor of Economics and Director, Center for Monetary and Financial History, Rutgers University

- Christian Kastrop, Director, Policy Studies Branch, Origanization for Economic Cooperation and Development (OECD)

- Dinah Walker, Analyst, Center for Geoeconomic Studies, Council on Foreign Relations

5:00-6:00pm Cocktail and Hors D'Oeuvres Reception

6:00-7:30pm Keynote Conversation

- David Wessel (moderator), Director, Hutchins Center on Fiscal & Monetary Policy, Brookings Institution; contributing correspondent, The Wall Street Journal

John W. Snow, Former Secretary of the United States Treasury (2003-2006); Chairman, Cerberus Capital Management

- Mervyn King, Former Governor of the Bank of England and Chairman of its Monetary Policy Committee (2003-2013)