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Session 15: Does Exchange Rate Management Have a Role in the Macro Policy Tool Kit?
Previous Session | Program | Next Session
Economic fundamentals usually dominate exchange rate moves, but this hasn’t stopped policymakers from attempting to influence exchange rates, sometimes over considerable periods. Two experts will discuss both the fundamentals underlying the dollar’s recent decline and the efficacy of attempts to manage currencies.
Session Presentations
Links of Interest
Speakers
Kevin L. Kliesen, Economist,
Federal Reserve Bank of St. Louis, presiding
Catherine Mann
Senior Fellow
Institute for International Economics
Dr. Catherine L. Mann has been a Senior Fellow at the Institute for
International Economics since 1997. Previously, she served in policymaking
institutions in Washington, including at the Federal Reserve Board of
Governors, President's Council of Economic Advisors at the White House,
and the World Bank.
Her current areas of research include:
• How Long the Strong Dollar? Underpinnings and consequences of the large US current account deficit and capital account surplus, including the topics of services liberalization, productivity and technology, international portfolio flows, and the dollar exchange rate.
• A New Round for a New Economy? Policy challenges and business opportunities of the Internet, particularly how the tension between the global marketplace of commerce and local jurisdiction of policy plays out in the areas of taxation, privacy, intellectual property, and trade negotiations.
Her coauthored book, APEC and the New Economy, was presented to and endorsed by Leaders at the APEC Summit in Shanghai in October 2001. The book addresses what the New Economy is, how it is affecting APEC economies, particularly with respect to trade competitiveness, and what should be APEC policymakers’ agenda for action.
She is coauthor of Global Electronic Commerce: A Policy Primer, published in 2000. Using general analysis and specific examples from field research in more than 10 countries, it addresses how the Internet and electronic commerce affect policymaking, particularly with regard to achieving quality infrastructure and to meet the challenges of taxation, privacy, security, intellectual property, and trade negotiations.
Published in 1999, Is the US Trade Deficit Sustainable? answers perennial questions about the impact of global integration on the US economy, the prospects for sustained capital inflows, and the dollar’s exchange value.
In addition to her work at the Institute, Dr. Mann is Adjunct Professor of Management at the Owen School of Management at Vanderbilt University (on leave), and is currently teaching at the Johns Hopkins School for Advanced International Studies. Dr. Mann received her PhD in Economics from the Massachusetts Institute of Technology and her undergraduate degree from Harvard University.
Michael R. Rosenberg
Managing Director and Global Head of FX Research
Deutsche Bank
Michael
R. Rosenberg is Managing Director and Global Head of FX Research at Deutsche
Bank. Prior to joining Deutsche Bank, Mr. Rosenberg was a Managing Director
and Head of International Fixed Income Research at Merrill Lynch for 15 years.
Mr.
Rosenberg also managed Prudential Insurance Company’s global bond portfolio
over the 1982–1984 period, and was a senior FX/money market analyst at
Citibank over the 1977–1982 period. Mr. Rosenberg has written numerous
articles on the subjects of international bond diversification and the foreign
exchange market for various academic journals and handbooks, and he currently
teaches an MBA course in International Financial Markets at Baruch College.
Mr. Rosenberg has also authored two books in the field of exchange rate forecasting: (1) Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination (Irwin/ McGraw Hill, 1996) and (2) Exchange Rate Determination (McGraw-Hill, 2003). Mr. Rosenberg’s research team was voted the world’s #1 FX research team in Institutional Investor magazine’s recent All-Global Research team and in Euromoney magazine’s 2003 Annual FX poll. Mr. Rosenberg’s team was also ranked #1 in the last two pan-European Extel Surveys for FX Strategy as well as in Global Investor, FXMM and FX Week magazines’ recent annual rankings of FX research analysts. Deutsche Bank’s FX research team was also ranked the world’s top currency forecaster in 2003 according to FX Week magazine’s annual review of FX projections issued by the world’s leading banks and investment banks. As a global fixed income strategist, Mr. Rosenberg was ranked #1 in Global Investor magazine’s annual ranking of international fixed income research analysts in both 1996 and 1997. Mr. Rosenberg holds a B.S. in accounting from the University at Albany, an M.A. in economics from Queens College, and a Ph.D. in economics from Penn State University.
National Association for Business Economics
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Phone 202.463.6223 Fax 202.463.6239
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