Keynote: Lisa D. Cook

Macrofinance in the Long Run: New Insights on the Global Economy
JRCPPF Annual Conference on February 22-23, 2024
Conference program & slides: jrc.princeton....
OPENING KEYNOTE
Dr. Lisa D. Cook, Member of the Board of Governors, Federal Reserve System
Moderator: Giovanni L. Violante, Theodore A. Wells ’29 Professor of Economics, Princeton University
Since the Covid-19 pandemic, the global economy has undergone profound changes. The uneven recovery has been characterized by a resurgence of inflation concerns in advanced economies and emerging markets, coupled with rising rates and heightened uncertainty. This departure from a quarter-century era of exceptionally low interest rates, elevated debt levels, and soaring asset valuations has introduced new challenges and uncertainties. While the immediate disruptions of the pandemic are receding, there will likely be long-lasting aftereffects on how economies are structured, both domestically and globally, as monetary policy continues to be tight, trade networks realign, and global financial flows react.
Held on February 22-23, 2024, the 13th annual JRCPPF conference analyzed the significant and potentially enduring trends shaping long-run macrofinance. The conference sessions addressed several critical questions for long-run macrofinance, including the recent inflationary shocks, monetary policy responses, and global economic impacts.