Archives - April 24, 2009 – Washington, D.C.

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Position Papers

The Great Contraction and the Current Crisis: Historical Parallels and Policy Lessons
by Michael Bordo, Rutgers University

The Allocation of Regulatory Authority
by Charles Calomiris, Columbia University

Prudential Bank Regulation: What’s Broke and How To Fix It
by Charles Calomiris, Columbia University

We Need an “Accord” for Federal Reserve Credit Policy
by Marvin Goodfriend, Carnegie Mellon University

What’s in Worse Shape, the Economy or Fiscal Policy?
by Mickey Levy, Bank of America

China, the US Dollar and SDRs
by Benjamin McCallum, Carnegie Mellon University

Boundaries Between the Fed and the Treasury
by Anna Schwartz, NBER

Monetary Policy in Color
by Gregory Hess, Claremont McKenna College

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

Allan Meltzer’s Model of the Transmission Mechanism and Its Implications for Today, by Peter N. Ireland, November 2017

Commentary

The Fed’s Unwarranted Skittishness, Mickey D. Levy, December 3rd, 2015
A Better Strategy for the Fed, SOMC, March 20th, 2015
Rules for the Fed to Live By, Charles W. Calomiris, Peter Ireland, March 18th, 2015
Independence, Accountability, and Transparency: Three Keywords for the Fed, Michael T. Belongia, Peter Ireland, March 5th, 2015
Don’t Audit the Fed, Restructure It, Peter Ireland, February 19th, 2015
Forward Guidance: Theory versus Reality, Peter Ireland, February 9th, 2015
Why Dovish Critics of the Fed’s FOMC Statement Are Wrong, Charles W. Calomiris, January 29th, 2015
What Tsipras’s Victory Means for Greece and the EU, Charles W. Calomiris, January 26th, 2015
How The Fed Can Bring About Higher Wages, Peter Ireland, January 14th, 2015
As Economic Performance Advances, the Fed Lags Behind, Mickey D. Levy, January 8th, 2015
Government By ‘Guidance’ Quashes Economic Freedom and Rule of Law, Charles W. Calomiris, January 5th, 2015
Redistributive Credit Policies Won’t Fix Inequality, Charles W. Calomiris, December 30th, 2014
The Fed’s Next Step, Peter Ireland, December 15th, 2014
The Universal Message of Falling Oil Prices, Peter Ireland, December 1st, 2014
More Good News from the Fed, Peter Ireland, November 23rd, 2014
The Challenge for the European Central Bank, Athanasios Orphanides, November 5th, 2014
Stop Worrying About Deflation, Charles W. Calomiris, November 3rd, 2014
No Reason to Fear Fed Rate Hikes, Mickey Levy, October 31st, 2014
Watch for the SOMC Debates, Peter Ireland, October 27th, 2014
The Fed’s Inflection Point, Peter Ireland, October 8th, 2014
Secular Growth, Not Stagnation, Peter Ireland, October 8th, 2014
A Useful Rule for Monetary Policy, Peter Ireland, October 8th, 2014
Fed Takes One Step Forward, Two Steps Back, Gregory D. Hess, July 18th, 2014
Misguided Policies to Achieve Fed’s Dual Mandate, Mickey D. Levy, July 17th, 2014
The ECB’s Misfire, Peter Ireland, June 9th, 2014
Money Still Matters, Michael Belongia & Peter Ireland, May 28th, 2014
Good News for the American Economy, Peter Ireland, May 2nd, 2014
Making Central Banks More Resistant to Political Pressures and Fads, Charles W. Calomiris, April 16th, 2014
Europe’s Monetary Mistake, Peter Ireland, April 7th, 2014
The Next Fiscal Stimulus, Martin Feldstein, March 25th, 2014
The Fed: Extraordinary Measures in Ordinary Times, Mickey D. Levy, March 19th, 2014
Will the Yellen Era Be a Time of Economic Prosperity?, Gregory D. Hess & Athanasios Orphanides, March 19th, 2014
Reconfiguring the Fed’s Forward Guidance, Peter Ireland, March 12th, 2014
The Illusion of Reform and the Next Housing Crisis, Charles W. Calomiris and Stephen H. Haber, February 25th, 2014
Yellen’s Strong Performance Bodes Well for U.S. Economy, Peter Ireland, February 14th, 2014
QE is a Mistake–a Big One, Allan H. Meltzer, February 14th, 2014
The Fed at 6 1/2 Percent Unemployment, Peter Ireland, January 31st, 2014
Rising Long-Term Interest Rates: What Do They Mean?, Peter Ireland, January 2nd, 2014
Some Post-Tapering Announcement Observations, Mickey D. Levy, December 24th, 2013
2014 Might Be Better Than You Think!, Peter Ireland, December 12th, 2013
Fed Should Cut Interest on Reserves, Peter Ireland, December 5th, 2013
Why it Matters Whether the Fed Targets Inflation or Unemployment, Charles W. Calomiris and Peter Ireland, December 2nd, 2013
Take-Away Points from Yellen’s Hearing, Peter Ireland, November 15th, 2013
Five Questions for Yellen, Marvin Goodfriend, November 13th, 2013
What Do We Learn From A Century Of Fed History?, Charles W. Calomiris, November 4th, 2013
Do We Really Need More Inflation?, Peter Ireland, October 30th, 2013
Janet Yellen as Next Fed Chair: What Does it Mean for America?, Peter Ireland, October 11th, 2013
Senate Confirmation of the Fed Chair, Marvin Goodfriend, September 26th, 2013
The Right Measure of the Money Supply, Peter Ireland, September 25th, 2013
The Fed’s Forward Guidance and Forecasting Inconsistencies, Mickey Levy, September 24th, 2013
Does the Housing Boom Signal the End of the Slow Recovery?, Michael D. Bordo, September 24th, 2013
Managing the Risks of the New Macro-Prudential Policy Regime, Charles W. Calomiris, September 23rd, 2013

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

Archives - April 24, 2009 – Washington, D.C.

Position Papers

Shadow Open Market Committee Spring 2018 Meeting

SOMC 2018 Spring Meeting

the SHADOW OPEN MARKET COMMITTEE (SOMC) Meeting: “The Fed’s Return To Normalcy”

March 9, 2018 – New York, NY

Keynote Address

Position Papers

2018

Publications

Papers

Commentary

SOMC 2017 Fall Meeting

the SHADOW OPEN MARKET COMMITTEE (SOMC) Meeting: “Unwinding The Fed’s Balance Sheet”

September 15, 2017 – New York, NY

Keynote Address

Position Papers

SOMC 2017 Spring Meeting

the SHADOW OPEN MARKET COMMITTEE (SOMC) Meeting: “Reforming The Fed And Government-Sponsored Enterprises”

May 5, 2017 – New York, NY

Keynote Address

Position Papers

2017

the SHADOW OPEN MARKET COMMITTEE (SOMC) Meeting:

“The Fed’s Return To Normalcy”

the SHADOW OPEN MARKET COMMITTEE (SOMC) Meeting:

“Unwinding The Fed’s Balance Sheet”

the SHADOW OPEN MARKET COMMITTEE (SOMC) Meeting:

“Reforming The Fed And Government-Sponsored Enterprises”