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- SOMC Policy Statement Summary
- Policy Statement
Position Papers
Transition to a New Regime
by Karl Brunner, University of Rochester
Fiscal Policy Outlook: A Report to the Shadow Open Market Committee
by Rudolph G. Penner, American Enterprise Institute
Risk and Federal Reserve Action and Monetary Growth
by H. Erich Heinemann, Morgan Stanley & Co., Incorporated
Forecasting Multipliers for the “New-New” Monetary Aggregates
by James M. Johannes and Robert H. Rasche, Michigan State University
Federal Budget Outlooks and Economic Prospects Through 1982
by Robert R. Davis and Robert J. Genetski, Harris Trust and Savings Bank
Economics Projections
by Burton Zwick, Prudential Insurance Company of America
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
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
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