Archives - March 6, 1995 – Washington, D.C.

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  • SOMC Policy Statement Summary
  • Policy Statement

Position Papers

Prospects for Money and the Economy
by H. Erich Heinemann

Mexico: Policy Failure, Moral Hazard, and Market Solutions
by Lee Hoskins

Tax Cuts and Tax Reform
by Mickey D. Levy, Bank of America

Economic Outlook
by Mickey D. Lev, Bank of America

The Balanced-Budget Amendment: Treating the Symptom but Not the Disease
by Charles I. Plosser

What Does the Phillips Curve Tell Us About the Outlook for Inflation?
by William Poole

Monetary Aggregates
by Robert H. Rasche

Trial and Error in Devising the Mexican Rescue Plan
by Anna J. Schwartz, NBER

Publications

Papers

 

Commentary

Shadow Open Market Committee Fall 2017 Meeting

Unwinding The Fed’s Balance Sheet

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

SOMC 2016 Fall Meeting

Presents…

the SHADOW OPEN MARKET COMMITTEE (SOMC) Meeting:

“Rethinking Monetary Policy Amid Uncertainty”

October 7, 2016 | New York City


Introduction:

Marvin Goodfriend, Carnegie Mellon University

Panel 1: The Zero Lower Bound, Theory and Practice

Moderator: Michael Bordo, Rutgers University

Unencumbering Interest Rate Policy at the Zero Bound
Marvin Goodfriend, Carnegie Mellon University

The ZLB Challenge with an Unknown Natural Rate of Interest
Athanasios Orphanides, Massachusetts Institute of Technology




Panel 2: Factors Inhibiting the Monetary Transmission Mechanism

Moderator: Peter Ireland, Boston College

The Microeconomic Perils of Monetary Policy Experiments
Charles Calomiris, Columbia University

Could the Fed Do More to Please the Public?
Peter Ireland, Boston College

Why Have the Fed’s Polices Failed to Stimulate the Economy?
Mickey Levy, Berenberg Capital Markets

Comments: Greg Hess, Wabash College




Keynote Address

Introduction: Mickey Levy, Berenberg Capital Markets

Acknowledging Uncertainty
Loretta Mester, President, Federal Reserve Bank of Cleveland



October 7, 2016 – New York, NY

Keynote Address


Acknowledging Uncertainty

by Loretta Mester, President, Federal Reserve Bank of Cleveland

Position Papers


The Case (In Brief) for Unencumbering Interest Rate Policy at the Zero Bound

by Marvin Goodfriend, Carnegie Mellon University

The Microeconomic Perils of Monetary Policy Experiments

by Charles Calomiris, Columbia University

Could the Fed Do More to Please the Public?

by Peter Ireland, Boston College

Why Have the Fed’s Polices Failed to Stimulate the Economy?

by Mickey D. Levy, Berenberg Capital Markets

SOMC 2016 Spring Meeting

Presents…

the SHADOW OPEN MARKET COMMITTEE (SOMC) Meeting:

“Policy Priorities For Turbulent Times”

April 29, 2016 | New York City


Panel 1: Global Interactions—China, Europe, and the World

Rules-Based Policies—Better than International Central Bank Coordination
Michael Bordo, Rutgers University

Communist Rule and China’s Macroeconomic Adjustment Problem
Marvin Goodfriend, Carnegie Mellon University

The Fed-ECB Policy Divergence
Athanasios Orphanides, Massachusetts Institute of Technology

 

Panel 2: The Fed and the Markets

Moderator: Gregory Hess, Wabash College

Why Has Nominal Income Growth Been So Slow?
Peter Ireland, Boston College

Rethinking Fed Policy amid Constraints on Aggregate Supply
Mickey Levy, Berenberg Capital Markets

Reflections on Keynes and Hamilton
Bennett McCallum, Carnegie Mellon University

 

Keynote Address

Introduction: Mickey Levy, Berenberg Capital Markets

What’s the matter with the Fed?
Peter Fisher, Senior Fellow, Tuck School of Business, Dartmouth College and former Under Secretary, U.S. Treasury