Conference – 2022 The Causes, Challenges and Consequences of the Low Interest Rate Environment

Sydney,

Final versions of the Conference papers and discussion will be published at a later date.

The Reserve Bank of Australia's 2022 annual conference brought together senior central bankers, financial institutions and advisers, academics and industry to discuss the current, policy-relevant issue of the causes, challenges and consequences of the low interest rate environment. It canvassed the possible responses including objectives, instruments and the framework for monetary policy. Importantly, the conference also considered the interactions between the main economic policy institutions.

The Conference was conducted under the Chatham House rule.

Draft Papers

  • Fiscal, Monetary and Macroprudential Regimes: Incentives-Values Compatibility in Constitutional Democracies
    Presenter: Paul Tucker, Harvard Kennedy School
    Download 400KB
  • Global Trends in Interest Rates
    (presentation) 1.3MB
    Presenter: Marco Del Negro, Federal Reserve Bank of New York
  • Discussant: Bruce Preston, University of Melbourne
  • The Consequences of Low Interest Rates for the Australian Banking Sector
    (presentation) 1.2MB
    Presenter: Anthony Brassil, Reserve Bank of Australia
    Download 1.2MB
  • Discussant: Adam Richardson, Reserve Bank of New Zealand
  • The Economics of Low Interest Rates (presentation)
    Presenter: Atif Mian, Princeton University
    Download 1.1MB
  • Discussant: Gianni La Cava, e61
  • Monetary and Fiscal Institutional Arrangements: Have We Got Them Backwards? (presentation)
    Presenter: Eric M Leeper, University of Virginia
    Download 198KB
  • Discussant: Chris Edmond, University of Melbourne
  • Measuring Global Interest Rate Comovements with Implications for Monetary Policy Interdependence
    (presentation) 1.2MB
    Presenter: Renée Fry-McKibbin, Australian National University
    Download 490KB
  • Discussant: Alexandra Heath, Reserve Bank of Australia
  • Gazing at r*: A Hysteresis Perspective
    (presentation) 1.1MB
    Presenter: Paul Beaudry, Bank of Canada
    Download 1.6MB
  • Discussant: Michele Bullock, Reserve Bank of Australia
  • Rates Normalization Amid Elevated Global Financial Vulnerabilities
    (presentation) 5MB
    Presenter: Fabio M Natalucci, International Monetary Fund
    Download 1.6MB
  • Discussant: Warwick McKibbin, Australian National University