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The 31st Annual Monetary & Trade Conference
in Partnership with Drexel University’s LeBow College of Business:

Fixing the Banking System for Good

Wednesday, April 17, 2013
Pennsylvania Room at the Federal Reserve Bank of Philadelphia, 100 N. Sixth Street
Philadelphia, PA 19106

Event Detail

Fixing the Banking System for Good

Please join us in person or online for this live-streaming event!


8:30 – 9 a.m. | Registration and Coffee

9 – 9:15 a.m. | Welcome

  • Herb Taylor, Vice President and Corporate Secretary of the Federal Reserve Bank of Philadelphia and Board Member of the Global Interdependence Center
  • George Tsetsekos, Dean Emeritus of the LeBow College of Business at Drexel University and Chair of the Global Interdependence Center

9:15 – 9:45 a.m.

  • David Kotok, Chairman and Chief Investment Officer of Cumberland Advisors and GIC Vice Chair of Central Banking Series

9:45 – 10 a.m. | Audience Q/A

10 – 10:45 a.m. | “The Chicago Plan Revisited”

  • Michael Kumhof, Deputy Division Chief, Modeling Unit, Research Department, International Monetary Fund

10:45 – 11:30 a.m. | “Limited Purpose Banking”

  • Laurence Kotlikoff, William Fairfield Warren Distinguished Professor at Boston University

11:30 a.m. – 12:30 p.m. | Implications for Global Development

  • Jeffrey Sachs, Director of The Earth Institute, Quetelet Professor of Sustainable Development and Professor of Health Policy and Management at Columbia University (speaking via video teleconference)

12:30 – 1:30 p.m. | Lunch

1:30 – 2:30 p.m. | Audience Q&A

2:30 – 3:15 p.m. | “Money and Debt: Radical Solutions to the Challenge of Deleveraging”

  • Lord Adair Turner, Former Chairman of the UK Financial Services Authority and Senior Fellow at the Institute for New Economic Thinking (speaking via video teleconference)

3:15 – 3:30 p.m. | Audience Q/A

3:30 – 3:45 p.m. | Coffee Break

3:45 – 4:15 p.m. | A Free Market Perspective

  • William Poole, Former President of the Federal Reserve Bank of St. Louis and recipient of GIC Frederick Heldring Award

4:15 – 4:30 p.m. | Audience Q/A

4:30 – 5 p.m. | “Concluding Comments: Social Implications”

  • Uli Kortsch, President of Global Partners Investments

Registration Fee:
$25 | Student
$75 | GIC or CFA Member
$100 | Non-Member

Watch this event from your office or home by visiting www.ustream.tv/channel/federal-reserve-bank-of-philadelphia.

Event Location

Date: Wednesday, April 17, 2013 Time: 08:30 AM - 05:00 PM City: Philadelphia Pennsylvania Room at the Federal Reserve Bank of Philadelphia Download iCal


Adair Turner

Adair Turner has combined careers in business, public policy and academia. Since April 2013 he is Senior Fellow of the Institute for New Economic Thinking (INET).

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Jeffrey Sachs

Director of The Earth Institute at Columbia University

Jeffrey D. Sachs is a world-renowned professor of economics, leader in sustainable development, senior UN advisor, bestselling author and syndicated columnist whose monthly newspaper columns appear in more than 80 countries.

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William Poole, Ph.D.

Senior Fellow at the Cato Institute

William Poole is Senior Fellow at the Cato Institute, Distinguished Scholar in Residence at the University of Delaware, Senior Advisor to Merk Investments and a Special Advisor to Market News International.

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Ulrich (Uli) Kortsch

Founder and President of Global Partners Investments, Ltd.

Ulrich Korstch is the founder and president of Global Partners Investments, Ltd. He founded the company to create financial secondary markets for the micro-enterprise and small-scale-enterprise sectors of US inner cities and developing nations. In his capacity as president, Mr. Korstch has written a bill for Congress, which was reviewed by the Congressional Legal Services, as well as Treasury, and the Senate and House Banking Committee staffs, and conferred with approximately 15 presidents, ministers of finance and ministers of commerce during the course of business.

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Laurence J. Kotlikoff, Ph.D.

William Fairfield Warren Professor and Professor of Economics at Boston University

Laurence J. Kotlikoff is a William Fairfield Warren Professor at Boston University, a Professor of Economics at Boston University, a Fellow of the American Academy of Arts and Sciences, a Fellow of the Econometric Society, a Research Associate of the National Bureau of Economic Research, and President of Economic Security Planning, Inc., a company specializing in financial planning software. An active columnist, Professor Kotlikoff’s columns and blogs appear in the Financial Times, Bloomberg, Forbes, Vox, the Economist, Yahoo.com, and the Huffington Post. Professor Kotlikoff received his B.A. in Economics from the University of Pennsylvania in 1973 and his Ph.D. in Economics from Harvard University in 1977.

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David Kotok

CIO of Cumberland Advisors

David R. Kotok cofounded Cumberland Advisors in 1973 and has been its chief investment officer since inception. He holds a B.S. in economics from the Wharton School of the University of Pennsylvania, an M.S. in organizational dynamics from the School of Arts and Sciences at the University of Pennsylvania, and a master’s in philosophy from the University of Pennsylvania.

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Michael Kumhof, Ph.D.

Deputy Division Chief of the Modeling Division in the IMF Research Department

Michael Kumhof is Deputy Division Chief of the Modeling Division in the IMF Research Department. His main responsibility is the development of the IMF’s global macroeconomic model GIMF, a DSGE model that is used heavily for IMF policy and scenario analyses in multilateral and bilateral surveillance, for the World Economic Outlook publication, and for work on G-20 issues.

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Herbert Taylor, Ph.D.

Vice President and Corporate Secretary, Federal Reserve Bank of Philadelphia

Herb Taylor is an economist, vice president, and corporate secretary with the Federal Reserve Bank of Philadelphia. In his current role, he is charged with the administration of the Federal Reserve Bank of Philadelphia’s board of directors and the Office of the President.

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George Tsetsekos, Ph.D.

Dean Emeritus and the Francis Professor of Finance at LeBow’s College of Business at Drexel University

Dr. George Tsetsekos is dean emeritus and the Francis professor of finance at Drexel University’s LeBow College of Business. He served as dean of LeBow (2002-2012) and under his transformative leadership the college achieved important quality milestones including recognition by BusinessWeek, Entrepreneur-Princeton Review, Financial Times, and U.S. News & World Report. In addition, during his deanship, LeBow commenced an ambitious capital campaign program that allowed for the completion to two business school buildings (total 225,000 sqft), naming of four new centers of excellence, establishing new endowed professorships and launching more than 30 student scholarships.

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About The Event