Archives - September 21, 1980 – Washington, D.C.

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  • SOMC Policy Statement Summary
  • Policy Statement

Position Papers

Fiscal Policy
by Rudolph G. Penner, American Enterprise Institute

Sisyphus and the Fed
by Karl Brunner, University of Rochester

The Construction and Forecasting of Money Multipliers for the New Monetary Aggregates
by James M. Johannes and Robert H. Rasche, Michigan State University

Commentary on Monetary Policy for the Last Year
by Homer Jones, Federal Reserve Bank of St. Louis (Retired)

The Dollar-DM Rate
by Wilson E. Schmidt, Virginia Polytechnic Institute and State University

A New and Less Favorable Look
by Beryl W. Sprinkel, Harris Trust and Savings Bank

Monetary Policy, Fiscal Policy and Interest Rates
by Jerry L. Jordan, University of New Mexico

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Shadow Open Market Committee Spring 2018 Meeting

The Fed’s Return To Normalcy

SOMC 2018 Spring Meeting

Presents…

the SHADOW OPEN MARKET COMMITTEE (SOMC) Meeting:

“The Fed’s Return To Normalcy”

March 9, 2018 | New York City

 

INTRODUCTION:
Diana Furchtgott-Roth, Manhattan Institute

PANEL I: Evaluating Post-Crisis Monetary Policies
Moderator: Deborah Lucas, Massachusetts Institute of Technology
Charles Calomiris, Columbia University: The Failure to Adopt a Systematic Policy
Mickey Levy, Berenberg Capital Markets: Fed Forecasts, Forecast Uncertainties, and Monetary Policy
Athanasios Orphanides, MIT & Gregory Hess, Wabash College: Monetary Policy Normalization Should Be More Systematic and Less Wobbly

 

PANEL II: Future Challenges
Moderator: Charles Calomiris, Columbia University
Peter Ireland, Boston College: Interest on Reserves: History, Rationale, Complications, and Risks
Michael Bordo, Rutgers University & Andy Levin, Dartmouth College: Central Bank Digital Currencies

 

KEYNOTE ADDRESS
Charles Evans, President, Federal Reserve Bank of Chicago: Some Practical Considerations for Monetary Policy Frameworks
Introduction, Athanasios Orphanides, Massachusetts Institute of Technology

 

March 9, 2018 – New York, NY

Keynote Address


Some Practical Considerations for Monetary Policy Frameworks

by Charles Evans, President, Federal Reserve Bank of Chicago

 

Position Papers


Central Bank Digital Currency: The Future Direction for Monetary Policy

by Michael D. Bordo, Rutgers University

The Fed’s Economic Forecasts, Uncertainties and Monetary Policy
by Mickey D. Levy, Berenberg Capital Markets

Interest on Reserves: History and Rationale, Complications and Risks
by Peter N. Ireland, Boston College

U.S. Monetary Instability and the Global Consequences of Unfettered Discretion
by Charles W. Calomiris, Columbia Business School

Monetary Policy Normalization Should Be More Systematic and Less Wobbly
by Gregory D. Hess, Wabash College and Athanasios Orphanides, MIT

 

2018

Publications

Papers

 

Commentary

SOMC 2017 Fall Meeting

Presents…

the SHADOW OPEN MARKET COMMITTEE (SOMC) Meeting:

“Unwinding The Fed’s Balance Sheet”

September 15, 2017 | New York City

 

INTRODUCTION:
Diana Furchtgott-Roth, Manhattan Institute

PANEL I: THE FED’S BALANCE SHEET
Moderator: Gregory Hess, Wabash College
Deborah Lucas, Massachusetts Institute of Technology: Fiscal Consequences of the Federal Reserve’s Balance Sheet
Peter Ireland, Boston College: A Monetarist View of Policy Normalization
Mickey Levy, Berenberg Capital Markets: The Fed and the Shortfall of Inflation

PANEL II: THE FED, FINANCIAL REGULATION, AND FINANCIAL STABILITY
Moderator: Athanasios Orphanides, Massachusetts Institute of Technology
Charles Calomiris, Columbia University: Prospects for Financial Regulatory Reform
Michael Bordo, Rutgers University: Financial Stability and Monetary Policy

KEYNOTE ADDRESS
Mervyn King, The Lord King of Lothbury KG GBE, Former Governor, Bank of England

 

September 15, 2017 – New York, NY

Keynote Address

by Mervyn King, The Lord King of Lothbury KG GBE, Former Governor, Bank of England

 

Position Papers


Fiscal Consequences of the Federal Reserve’s Balance Sheet

by Deborah Lucas, Massachusetts Institute of Technology

A Monetarist View of Policy Renormalization

by Peter Ireland, Boston College

The Fed and the Shortfall of Inflation
by Mickey D. Levy, Berenberg Capital Markets

Some Thoughts on Allan Meltzer

by Gregory D. Hess, Wabash College

Reforming and Depoliticizing the Federal Reserve

by Charles W. Calomiris, Columbia Business School

An Historical Perspective on Financial Stability and Monetary Policy Regimes: A Case for Caution in Central Banks Current Obsession with Financial Stability

by Michael D. Bordo, Rutgers University

SOMC 2017 Spring Meeting

Presents…

the SHADOW OPEN MARKET COMMITTEE (SOMC) Meeting:

“Reforming The Fed And Government-Sponsored Enterprises”

May 5, 2017 | New York City

 

INTRODUCTION:
Diana Furchtgott-Roth, Manhattan Institute

PANEL I: STRATEGIES FOR SOUND MONETARY POLICY
Moderator: Marvin Goodfriend, Carnegie Mellon University
Marvin Goodfriend, The Fed Needs a Credible Commitment to Price Stability
Athanasios Orphanides, Massachusetts Institute of Technology: The Case Against the Case Against Monetary Rules
Peter Ireland, Boston College, &
Mickey Levy, Berenberg Capital Markets: A Strategy for Normalizing Monetary Policy

PANEL II: THE AGENDA FOR REFORMING THE FED AND GOVERNMENT-SPONSORED ENTERPRISES
Moderator: Gregory Hess, Wabash College
Charles Calomiris, Columbia University: Reforming the Rules that Govern the Fed
Deborah Lucas, Massachusetts Institute of Technology: Valuing the GSE’s Government Support

KEYNOTE ADDRESS
Preparing for the Next Storm: Reassessing Frameworks & Strategies in a Low R-Star World
John Williams, President, Federal Reserve Bank of San Francisco

 

 

May 5, 2017 – New York, NY

Keynote Address


Preparing for the Next Storm: Reassessing Frameworks & Strategies in a Low R-Star World

by John Williams, President, Federal Reserve Bank of San Francisco

 

Position Papers


The Fed Needs a Credible Commitment to Price Stability

by Marvin Goodfriend, Carnegie Mellon University

The Case Against the Case Against Monetary Rules
by Athanasios Orphanides, Massachusetts Institute of Technology

A Strategy for Normalizing Monetary Policy

by Peter Ireland, Boston College & Mickey Levy, Berenberg Capital Markets

Are We Asking the Right Questions?

by Gregory Hess, Wabash College

Reforming the Rules that Govern the Fed

by Charles Calomiris, Columbia University

Valuing the GSEs’ Government Support

by Deborah Lucas, Massachusetts Institute of Technology

2017