Unprecedented monetary policy intervention  the current and future impact on global markets

The global economic climate in recent years has given rise to unprecedented monetary policy intervention.

But what are these policies expected to achieve? And what are the implications for global markets and the global economy? World-class academics, policy makers and investment professionals will debate these issues. They will challenge and hypothesise the impact and efficacy of monetary policies both today and in the future.

25 June 2015 

Event collateral is available:

Download the brochure to find out more about the event

Download the key takeaways summarised by the Institute Chair

Read the news story

Download Raghuram Rajan's paper

Download Jeremy Stein's presentation
Download Lars Svensson's presentation
Download Roger Urwin's presentation

Read the speaker bios below:

Raghuram Rajan, Governor, Reserve Bank of India

Raghuram Rajan

Raghuram is the current Governor of the Reserve Bank of India, having taken charge of India’s central banking institution in September 2013. Raghuram was chief economic adviser to India’s Ministry of Finance during 2012 to 13 and chief economist at the International Monetary Fund from 2003 to 2007. 

He has been a member of the faculty at the graduate business school at the University of Chicago, where he has been since 2011. He was the President of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences. 

In 2003, Raghuram won the Fischer Black Prize awarded by the American Finance Association for contributions to the theory and practice of finance by an economist under age 40. He was awarded the fifth Deutsche Bank Prize for Financial Economics 2013 on 26 September 2013 for his “ground-breaking research work which influenced financial and macro-economic policies around the world”.

He was conferred with the Best Central Bank Governor award for 2014 by Euromoney Magazine and the prestigious Governor of the Year Award - 2015 from London-based financial journal Central Banking. Raghuram authored Fault Lines: How Hidden Fractures Still Threaten the World Economy in 2010, which was awarded the Financial Times-Goldman Sachs prize for best business book. 

He was awarded the Gold Medal in IIT Delhi and was a Gold medallist at IIM Ahmedabad. He received a PhD in Management from the MIT Sloan School of Management in 1991 for his thesis titled “Essays on Banking”.

In 2012 he was awarded an honorary doctorate from London Business School.

Lars Svensson, Professor, Stockholm School of Economics

Lars Svensson

Lars has been Visiting Professor at the Stockholm School of Economics since May 2013. From 2015 he has served as Research Scholar at the Research Department, International Monetary Fund, Washington, DC.

He is also Affiliated Professor at IIES – The Institute for International Economic Studies, Stockholm University, since June 2009. Lars was Deputy Governor of Sveriges Riksbank (the central bank of Sweden) from May 2007-May 2013, Professor of Economics at Princeton University from 2001-2009, and Professor of International Economics at the Institute for International Economic Studies, Stockholm University from 1984-2003. 

He has published extensively in scholarly journals on monetary economics and monetary policy, exchange-rate theory and policy, and general international macroeconomics. He has lectured and visited at universities, central banks, and international organisations in many countries. He received his PhD in economics from Stockholm University.

He received the Great Gold Medal of the Royal Swedish Academy of Engineering Sciences in 2012.

He is a foreign honorary member of the American Economic Association, a member of the Royal Swedish Academy of Sciences, a member of Academia Europaea, a foreign member of the Finnish Academy of Science and Letters, a foreign honorary member of the American Academy of Arts and Sciences, an honorary member of the Latin American and Caribbean Economic Association, a fellow of the Econometric Society, a fellow of the European Economic Association, a research associate of the National Bureau of Economic Research, and a research fellow of the Centre for Economic Policy Research, London.

He was chair of the Prize Committee for the Alfred Nobel Memorial Prize in Economic Sciences from 1999-2001, a member from 1993-2002, and secretary from 2001.

He was an active advisor to Sveriges Riksbank during 1990-2007 and was a member of the Monetary Policy Advisory Board and the Economic Advisory Panel of the Federal Reserve Bank of New York from 2004 until his appointment as Deputy Governor of the Riksbank.

He has regularly consulted for international, US, and Swedish agencies and organisations. In 2000-2001 he undertook a review of monetary policy in New Zealand, commissioned by the New Zealand government, and in 2002 he chaired a committee reviewing monetary policy in Norway.


Roger Urwin, Global Head of Investment Content, Towers Watson

Roger Urwin

>Roger assumed the new post of Global Head of Investment Content at Towers Watson in July 2008, after acting as the Global Head of the investment practice from 1995 to 2008.

Roger joined Watson Wyatt in 1989 to start the firm’s investment consulting practice and under his leadership the practice grew to a global team of over 500. His prior career involved heading the Mercer investment practice and leading the business development and quantitative investment functions at Gartmore Investment Management.

Roger’s current role includes work for some of the firm’s major investment clients both in the UK and internationally. He leads the firm’s work on transformational change and has conducted major strategic reviews at a number of global leading funds. He is also heavily involved with the Towers Watson Thinking Ahead Institute.

His investment innovations include three global firsts: the origination of the first target date DC funds (in 1988), the risk budget framework (in 1999) and the governance budget framework for assessing asset owner organisational effectiveness (in 2007). He is also the author of a number of papers on asset allocation policy, manager selection and governance and sustainability.

He is a previous Board member of the CFA Institute and is now on the Board of the CFA Future of Finance Council and an Advisory Director to MSCI Inc. Roger has a degree in Mathematics from Oxford University and a Masters in Applied Statistics, also from Oxford.


Jeremy Stein, Moise Y. Safra Professor of Economics, Harvard University

Jeremy Stein

Jeremy teaches courses in the undergraduate and PhD programmes at Harvard University. From May 2012 to May 2014, he was a member of the Board of Governors of the Federal Reserve System. Before coming to Harvard in 2000, Jeremy was on the finance faculty of M.I.T.’s Sloan School of Management for 10 years, most recently as the J.C. Penney Professor of Management. Prior to that, he was an assistant professor of finance at Harvard Business School from 1987–1990. He received his AB in economics summa cum laude from Princeton University in 1983 and his PhD in economics from M.I.T. in 1986.

Jeremy’s research has covered such topics as: behavioural finance and market efficiency; corporate investment and financing decisions; risk management; capital allocation inside firms; banking; financial regulation; and monetary policy.

He has been a co-editor of the Quarterly Journal of Economics, and the Journal of Economic Perspectives, and has served on the editorial boards of several other economics and finance journals. Jeremy is a fellow of the American Academy of Arts and Sciences, a research associate at the National Bureau of Economic Research, and a past member of the Federal Reserve Bank of New York’s Financial Advisory Roundtable.