, like the balance sheet. importantly, he distinguished between central bank purchases of short - term government securities, as the bank of japan was doing at that time, versus purchases of longer - term securities. marvin viewed purchases of short - term securities as ineffective under the zlb, while he saw purchases of longer - duration securities as potentially powerful owing to a “ preferred habitat ” motive on the part of investors. of course, large - scale asset purchases later became a tool of critical importance for easing financial conditions in the united states and abroad. although the consequences of the predicted y2k glitch were minimal, the zlb became a central issue when the financial crisis hit. thankfully, marvin, along with others, helped lay the intellectual groundwork and created the vocabulary for us to work through some of the most significant issues facing central banks. his work is a true emblem of how researchers play a vital role in informing and shaping the policy discussion. i look forward to the upcoming conversation. thank you. 1 jeffrey c. fuhrer and mark s. sniderman, conference summary, journal of money, credit and banking, volume 32, number 4, part 2, pp. 845 – 69, november 2000. 2 marvin goodfriend, overcoming the zero bound on interest rate policy, journal of money, credit and banking, volume 32, number 4, part 2, pp. 1007 – 35, november 2000. 3 board of governors of the federal reserve system, transcript of the federal open market committee meeting and presentation materials, january 29 – 30, 2002. 2 / 2 bis central bankers'speeches

seppo honkapohja : bank of finland ’ s 200 years speech by mr seppo honkapohja, member of the board of the bank of finland, at the cepr - bof conference “ entrepreneurial finance, innovation and growth ”, helsinki, 23 october 2014. * * * the bank of finland had its 200 year anniversary three years ago. the charter of the bank was promulgated on december 12, 1811, and we are the fourth oldest central bank operating today. only the swedish riksbank, the bank of england, and banque de france are older. the bank of finland is also more than 100 years older than finland ’ s political independence, which was achieved only in 1917. establishment of a national bank of issue in finland came about after, in 1809, the russian empire had annexed finland as an autonomous grand duchy, with the russian tsar as the grand duke. the grand duchy of finland was given its own particular administrative structure, separate from the government of russia. the new national bank of issue was part of this newly created national administration. the first task of the bank of finland was to separate the finnish financial system from sweden by issuing ( rouble - and kopeck - denominated ) notes, and by granting credits to finnish landowners and merchants. the bank of finland was originally established in the city of turku, in the south - west of finland, and moved to helsinki, the new capital of the country, in 1819. despite the efforts of the bank of finland, swedish money remained widely used in finland until 1840, when finland went on the silver standard ( following russia ), and the remaining swedish paper money was withdrawn from circulation. after this milestone, the notes issued by the bank of finland became the dominant means of payment in the country and the circulation was effectively controlled by the bank of finland. finland obtained its own currency unit, the markka in 1860 – i. e. well before the country became independent. this happened in the aftermath of the crimean war and the international financial crisis of 1857 – 58, when the rouble was seriously destabilized and went off the silver standard. at first, the new currency unit, the markka, was defined simply as a quarter of the paper rouble. in 1865, however, the head of the financial department of the finnish senate, j. v. snellman, obtained from tsar alexander ii the permission to link the markka to the