simon m potter : implementing monetary policy post - crisis – what have we learned? what do we need to know? remarks by mr simon m potter, executive vice president of the markets group of the federal reserve bank of new york, at a workshop organized by columbia university sipa and the federal reserve bank of new york, new york city, 4 may 2016. * * * i would like to thank antoine martin for his assistance in preparing these remarks. i would like to welcome you to this workshop, organized jointly by the school of international and public affairs at columbia university and the federal reserve bank of new york. we have assembled an excellent set of presenters and discussants focused on the topic of implementing monetary policy post - crisis, who are here to ask important questions such as what have we learned from our experience and what do we need to know going forward? i am expecting an active and stimulating dialogue on a range of topics. as always, these remarks are my own and do not necessarily reflect the views of the federal reserve bank of new york or the federal reserve system. as most of you know, the federal reserve system is engaged in an extended effort to evaluate potential long - run monetary policy implementation frameworks. 1 there are many reasons to take a close look at the issues now. for example, the federal reserve has new tools, like the authority to pay interest on reserves and reverse repurchase agreements with an expanded set of counterparties, which were not available pre - crisis. 2 the money markets in which the trading desk of the federal reserve bank of new york ( the desk ) operates have different dynamics than before, in part because of our large - scale asset purchases. we want to take stock of these changes and ask ourselves what the best way of implementing monetary policy is today and in future environments in a manner that is consistent with the federal reserve ’ s normalization principles. 3 to make good choices about the monetary policy implementation framework going forward, it is, of course, useful to learn from the past. our task is to assess the strength and weaknesses of existing and previous frameworks, particularly through the lens of what happened during the recent global financial crisis, when central banks were called on to innovate in a number of ways. in addition, the varied experience of other central banks prior to the crisis can also provide valuable insights. what have they learned about what worked well, or did not work so well, with their frameworks? the current framework in the united states looks very

philip lowe : remarks at reserve bank board dinner remarks by mr philip lowe, governor of the reserve bank of australia, at the reserve bank of australia's board dinner, brisbane, 5 september 2017. * * * good evening. on behalf of the reserve bank board i would like to warmly welcome you all to this community dinner. thank you for your interest in the rba and for joining us this evening. as you are probably aware the reserve bank board had its monthly meeting here in brisbane today, at our offices on creek st. i would like to take the opportunity of this dinner to welcome mark barnaba to the reserve bank board. this was mark ’ s first board meeting and he brings a wealth of experience in the resources and banking sectors to the table. mark replaces john akehurst who retired from the board last week after a decade of public service in this role. over those 10 years, john made an outstanding contribution to our deliberations. it ’ s fair to say that he served through interesting times, perhaps a little too interesting : a global financial crisis, the biggest mining investment boom in over a century, and central banks worrying that inflation was too low, not too high. all that, in just 10 years. mark, i hope your time on the board is not quite as interesting! at our meeting today we had the usual review of the global and australian economic and financial data, as well as a thorough discussion of recent developments in queensland. we know that the queensland economy has gone through a difficult period following the wind - down of the mining investment boom, and that the pain has been concentrated in some regional communities. we are also watching the brisbane property market carefully, particularly the effect on prices of the large increase in the supply of new apartments. more broadly, a range of indicators, including employment and retail trade, suggest that there has been a recent improvement in economic conditions in queensland. the lower exchange rate is helping, particularly in the tourism, education and rural industries. an appreciating exchange rate would not be helpful from this perspective. you have probably heard that the board decided today to leave the cash rate unchanged at 1. 5 per cent. this is unlikely to have come as a surprise to many people ; the cash rate has been at 1. 5 per cent since august last year and financial market pricing suggests market participants expect it to remain there for some time yet. as usual, the reasons for the decision were released shortly after the meeting. for some time