Liquidity Dependence: Why Shrinking Central Bank Balance Sheets Is an Uphill Task | Raghuram Rajan

November 16, 2022 Hoover Institution | Stanford University Policy Seminar with Raghuram Rajan PARTICIPANTS Raghuram Rajan, John Taylor, Viral V. Acharya, Michael Bauer, Steven Blitz, Corey Braddock, Luca Branco, Henry Brown, Rahul S. Chauhan, John Cochrane, Abeer Dahiya, Steve Davis, Randi Dewitty, Stefan Dürmeier, Dino Falaschetti, Andy Filardo, Jacob Frenkel, Matt Gentzkow, Bob Hall, Laurie Hodrick, Robert Hodrick, Otmar Issing, Dan Kessler, Don Koch, Roman Kräussl, Jeff Lacker, Oliver Laudman, Stephen Leroy, Andrew Levin, Mickey Levy, Michael Melvin, Dinsha Mistree, Charles Plosser, Flavio Rovida, Sai Sattiraju, Pierre Siklos, Frank Smets, John Smyth, Sascha Steffen, Tom Stephenson, Joseph Sternberg, Jack Tatom, George Tavlas ISSUES DISCUSSED Raghuram Rajan, senior fellow at the Hoover Institution and the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago’s Booth School, discussed “Liquidity Dependence: Why Shrinking Central Bank Balance Sheets Is an Uphill Task,” a paper with Viral V. Acharya (NYU Stern School of Business, CEPR, ECGI & NBER), Rahul S. Chauhan (University of Chicago Booth School of Business), and Sascha Steffen (Frankfurt School of Finance & Management). John Taylor, the Mary and Robert Raymond Professor of Economics at Stanford University and the George P. Shultz Senior Fellow in Economics at the Hoover Institution, was the moderator. To read the paper, click the following link https://www.hoover.org/sites/default/files/2022-11/ACRS_liquidity_ALL_v39%20CLEAN%5B1%5D.pdf To read the slides, click the following link https://www.hoover.org/sites/default/files/2022-11/Hoover1%20%20-%20%20Read-Only.pdf