SOMC Position Papers

The Committee meets semi-annually. At each meeting, a number of papers are prepared by Committee members on a variety of macroeconomic and public policy topics. Based on these papers and the Committee’s deliberations, a Policy Statement is prepared that summarizes the most important policy recommendations of the Committee.


October 20, 2023

Duration Gap Disclosure: A Modest Proposal to Prevent Another SVB by Edward L. Golding and Deborah J. Lucas, MIT

Monetary Aggregates Still Matter by Michael D. Bordo, Rutgers University, NBER and the Hoover Institution

Has the Fed Escaped the Forward Guidance Trap? by Athanasios Orphanides, MIT

US Monetary Policy, 2020-23: Putting the Quantity Theory to the Test by Peter N. Ireland, Boston College

April 21, 2023

Fed Rate Increases From Behind the Curve: Financial Stresses Current and Historical by Mickey Levy, Berenberg Capital Markets and Michael Bordo, Rutgers University

COVID Credit Policies Around the World: Size, Scope, Costs and Consequences by Deborah Lucas, MIT and Gee Hee Hong, IMF

Fiscal Dominance and the Return of Zero-Interest Bank Reserve Requirements by Charles Calomiris, Columbia University

Some Questions About the Fed’s Monetary Policy Operating Regime by Jeffrey Lacker, former President and CEO, Federal Reserve Bank of Richmond

Reading the Macroeconomic Tea Leaves: Seismic Policy Changes and the Need for New Narrative by Deborah Lucas, MIT


November 11, 2022

The Evolution of Central Banks by Michael D. Bordo, Rutgers University

The Fed’s New Old Clothes by Gregory D. Hess, IES Abroad

The Fed Should Talk About the Prescriptions of Systematic Policy Rules by Jeffrey M. Lacker, former President and CEO, Federal Reserve Bank of Richmond and Charles Plosser, former President and CEO, Federal Reserve Bank of Philadelphia

April 29, 2022

The Continuing Case for Nominal GDP Level Targeting by Peter N. Ireland, Boston College

February 11, 2022

The Fed’s Delayed Exits from Monetary Ease: The Fed Rarely Learns from History by Michael D. Bordo, Rutgers University and Mickey D. Levy, Berenberg Capital Markets

Accelerating OER and Services Prices to Keep Inflation High by Mickey D. Levy, Berenberg Capital Markets

Inflation Risks and Monetary Policy by Andrew Levin, Dartmouth College

The Institutional Devolution of Government Financial Policy by Charles W. Calomiris, Columbia Business School


January 7, 2021

Labor Market Conditions and the Fed’s New Strategic Framework by Mickey D. Levy, Berenberg Capital Markets

Assessing the Magnitude of Shortfalls from Full Employment by Andrew Levin, Dartmouth College 

October 1, 2021

Opening Remarks: The Cleveland Fed and Inflation by Michael Bordo, Rutgers University and Hoover Institution

“Substantial Progress,” Transitory vs Persistent, and the Appropriate Calibration of Monetary Policy by Peter N. Ireland, Boston College and Mickey D. Levy,  Berenberg Capital Markets

April 14, 2021

The Federal Reserve’s New Framework and Outcome-Based Forward Guidance by Richard Clarida, Vice Chair, Board of Governors of the Federal Reserve System 

The Anguish and Progress of Central Banking by Gregory Hess, IES Abroad

Do Enlarged Deficits Cause Inflation: The Historic Record by Michael Bordo, Rutgers University and Mickey Levy, Berenberg Capital Markets


September 30, 2020 – New York, NY

The Economic Impact of the Fed’s Corporate Bond Programs in Mitigating the Covid-19 Pandemic by Michael Bordo, Rutgers University and Hoover Institution

Strengthening the Federal Reserve’s Governance by Andrew Levin, Dartmouth College

End Interest on Bank Reserves by Peter Ireland, Boston College

The Murky Future of Monetary Policy by Mickey D. Levy, Berenberg Capital Markets and Charles Plosser, Hoover Institution, Stanford University; former President and CEO of the Federal Reserve Bank of Philadelphia

Why the Fed Should Issue a Policy Framework for Credit Policy by Kathryn Judge, Harvey J. Goldschmid Professor of Law, Columbia Law School

March 6, 2020 – New York, NY

Opening Remarks by Mickey Levy, Berenberg Capital Markets, LLC

SOMC Panel Communication and Transparency by Gregory D. Hess, Wabash College

Monetary Policy Rules: SOMC History and a Recent Case Study by Peter N. Ireland, Boston College

Fed Communications As a Risk Indicator by Charles W. Calomiris, Columbia University

Hope for the Best, Prepare for the Worst: The Federal Reserve’s Monetary Toolbox for Mitigating Severe Adverse Shocks by Andrew Levin, Dartmouth College

A Professor’s Tribute to a Prize Student by William Poole, Mises Institute & former President, Federal Reserve Bank of St. Louis

Panel on Federal Reserve transparency at a Shadow Open Market Committee conference honoring Marvin Goodfriend by Donald Kohn, The Brookings Institution and former Vice Chairman of the Federal Reserve Board


September 27, 2019 – New York, NY

Tariffs and Monetary Policy: A Toxic Mix by Michael D. Bordo, Rutgers University and Mickey D. Levy, Berenberg Capital Markets

How To Promote Fed Independence: Perspectives from Political Economy and History by Charles W. Calomiris, Columbia University

Some Heretical Thoughts on Central Bank Independence by Deborah Lucas, MIT

Assessing the Federal Reserve’s Toolbox for Providing Monetary Stimulus at the Effective Lower Bound by Andrew Levin, Dartmouth College

Introduction to “Characteristics of the Fed’s Independence and Accountability” by Gregory Hess, Wabash College

Limits to Monetary Policy and Fed Independence by Charles I. Plosser, Hoover Institution

March 29, 2019 – New York, NY

Some Practical Considerations for Monetary Policy Frameworks by Randal K. Quarles, Vice Chairman For Supervision, Board Of Governors Of The Federal Reserve System

Balance Sheet: Exposures, Risks, and Financial Difficulties by Charles Plosser, Hoover Institution

Monetary Policy Implementation: Making Better and More Consistent Use of the Federal Reserve’s Balance Sheet by Peter N. Ireland, Boston College

Flexible Rules Versus Discretion: The Fed’s “New” Data-Dependent Approach by Michael D. Bordo, Rutgers University

Truth from Lies: Why Natural Language Processing Will Revolutionize Central Bank Accountability and Encourage Systematic Monetary Policy by Charles W. Calomiris and Harry Mamaysky

The Fed’s Communications: Suggestions for Improvement by Mickey D. Levy, Berenberg Capital Markets


October 19, 2018 – New York, NY

Hawks and Doves at the Federal Reserve by Michael D. Bordo, Rutgers University

Economic Conditions and Policy Strategies: A Monetarist View by Peter N. Ireland, Boston College

Fannie Mae and Freddie Mac—Re-Loaded by Gregory D. Hess, Wabash College

The Financial Crisis Bailouts: What They Cost Taxpayers Who Reaped the Direct Benefits by Deborah Lucas, MIT

March 9, 2018 – New York, NY

Some Practical Considerations for Monetary Policy Frameworks by Charles Evans, President, Federal Reserve Bank of Chicago

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


September 15, 2017 – New York, NY

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

May 5, 2017 – New York, NY

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

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


October 7, 2016 – New York, NY

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

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

April 29, 2016 – New York, NY

What’s the matter with the Fed? by Peter R. Fisher, Tuck School of Business at Dartmouth

Rules Based Policies: Better Than International Central Bank Coordination and Cooperation by Michael D. Bordo, Rutgers University and Hoover Institution, Stanford University

Communist Party Rule and China’s Macroeconomics Adjustment Problem by Marvin Goodfriend, Carnegie Mellon University

There is a joke in academia and it goes like this by Gregory D. Hess, Wabash College

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

Rethinking Fed Policy amid Constraints on Aggregate Supply by Mickey D. Levy, Berenberg Capital Markets, LLC for the Americas and Asia

Reflections on Keynes and Hamilton by Bennett T. McCallum, Tepper School of Business

The Fed-ECB Policy Divergence by Athanasios Orphanides, MIT


October 2, 2015 – New York, NY

Monetary Policy: Transparency and Clarity Require a Strategy by Mickey D. Levy, Blenheim Capital Management

Monetary Policy Lessons from the 1990s for Today by Marvin Goodfriend, Carnegie Mellon University

Short-Sighted Monetary Policy and Fear of Liftoff by Athanasios Orphanides, MIT

March 20, 2015 – New York, NY

U.S. Inflation Is Not Too Low by Michael D. Bordo, Rutgers University and Hoover Institution Stanford University

Guidelines for Policymaking and Communication During Normalization by Charles W. Calomiris, Columbia University, Peter Ireland, Boston College, and Mickey Levy, Blenheim Capital Management

The Fed Should Fix the Interest on Reserves Floor by Marvin Goodfriend, Carnegie Mellon University

Economic Performance: Sound Cyclically but Longer—Run Concerns by Mickey D. Levy, Blenheim Capital Management

Remarks on John Taylor’s Contributions by Bennett T. McCallum, Carnegie Mellon University


November 3, 2014 – New York, NY

Federal Reserve Credibility and Reputation in Historical Perspective by Michael D. Bordo, Rutgers University

Phony Deflation Worries by Charles W. Calomiris, Columbia University

Monetary Policy as a Carry Trade by Marvin Goodfriend, Carnegie Mellon University

Can We Trust the Fed? by Gregory D. Hess, Wabash College

The Classical Theory of Inflation and Its Uses Today by Peter Ireland, Boston College

Rate Hike Fears are Unwarranted by Mickey D. Levy, Blenheim Capital Management

Bitcoin Issues by Bennett T. McCallum, Carnegie Mellon University

European Headwind: ECB Policy and Fed Normalization by Athanasios Orphanides, MIT

March 14, 2014 – New York, NY

Reforming the Rules That Govern the Fed by Charles W. Calomiris, Columbia Business School

The Relevance of Federal Reserve Surplus Capital for Current Policy by Marvin Goodfriend, Carnegie Mellon University and National Bureau of Economic Research

Shifting Perspectives on the Dual Mandate by Peter Ireland, Boston College

Achieving Normalcy in Monetary Policy by Mickey D. Levy, Blenheim Capital Management

Has the Federal Reserve Learned to be an Effective Lender of Last Resort in its First One Hundred Years? by Michael D. Bordo, Rutgers University and Hoover Institution

Recent Monetary Policy and the Fiscal Theory of the Price Level by Bennett T. McCallum, Carnegie Mellon University


September 20, 2013 – New York, NY

Reducing the Risks of the New Macro-Prudential Policy Regime by Charles W. Calomiris, Columbia Business School

The Chair’s Succession and the Fed’s Future by Marvin Goodfriend, Carnegie Mellon University and National Bureau of Economic Research

Is the Fed’s Exit on Track? Assessing the Indicators by Peter Ireland, Boston College

Reconciling FOMC Forecasts and Forward Guidance by Mickey D. Levy, Blenheim Capital Management

The Recovery of Housing and the End of the Slow Recovery? by Michael D. Bordo, Rutgers University and Hoover Institution

Nominal GDP Targeting: Policy Rule or Ad-Hoc Splurge? Bennett T. McCallum, Carnegie Mellon University


November 20, 2012 – New York, NY

The Unlikely Return to “Normalcy” in U.S. Monetary Policy by Charles Calomiris, Columbia University Graduate School of Business

The Fed Should Put Its 2% Inflation Goal to Work by Marvin Goodfriend, Carnegie Mellon University

Political Troubles Forecast for the Fed by Gregory Hess, Claremont McKenna College

Refocusing the Fed by Peter Ireland, Boston College

Monetary Policy: Little Economic Impact, High Risks by Mickey Levy, Bank of America

Expansionary Monetary Policy Can Create Asset Price Booms by Michael D. Bordo, Rutgers University and Hoover Institution, Stanford University

April 20, 2012 – New York, NY

A Fed Scorecard for the Last Decade by Charles Calomiris, Columbia University Graduate School of Business

Securing the Promise of Price Stability by Marvin Goodfriend, Carnegie Mellon University

What’s Next for Monetary Policy by Gregory Hess, Claremont McKenna College

Innovations to Federal Reserve Policy: Opportunities Seized and Opportunities Lost by Peter Ireland, Boston College

The Fed’s Monetary Policy: Limitations and Concerns by Mickey Levy, Bank of America


October 21, 2011 – New York, NY

The Risks of Financial Turmoil for Monetary Policy: Some Lessons from History by Michael Bordo, Rutgers University

Bank Capital Requirement Reform: Long-Term Size and Structure, the Transition, and Cycles by Charles Calomiris (Columbia University)

Fiscal Dimensions of Inflationist Monetary Policy by Marvin Goodfriend, Carnegie Mellon University

What the Political System Can Do to Help the Fed by Peter Ireland, Boston College

Monetary Policy and Economic Performance by Mickey Levy, Bank of America

Nominal GDP Targeting by Bennett McCallum, Carnegie Mellon University

March 25, 2011 – New York, NY

The Prospects for Inflation Ahead by Michael Bordo, Rutgers University

Congressional Oversight of the Federal Reserve by Marvin Goodfriend, Carnegie Mellon University

The Dueling Mandate by Gregory Hess, Claremont McKenna College

Evaluating QEII: A Rationale to Exit by Mickey Levy, Bank of America

Monetary Standards and the US Constitution by Bennett McCallum, Carnegie Mellon University

Monetary Policy and the Behavior of Banks: Lessons from the 1930s for the 2010s by Charles Calomiris (Columbia University)

Are Delays to the Foreclosure Process a Good Thing? by Charles Calomiris (Columbia University) and Eric Higgins


October 12, 2010 – New York, NY

Guidelines for Global Economic Policymaking by Gregory Hess, Claremont McKenna College

Managing Monetary Policy at the Zero Interest Rate Bound by Marvin Goodfriend, Carnegie Mellon University and National Bureau of Economic Research

Targets for Monetary Policy: Inflation, Exchange Rates, and Others by Bennett McCallum, Carnegie Mellon University

A Three-Part Program for Housing Finance Reform by Charles Calomiris, Columbia University

Appropriate Roles of Monetary and Fiscal Policies by Mickey Levy, Bank of America

Does the Euro Need a Fiscal Union? by Michael Bordo, Rutgers University

Beyond Basel and the Dodd-Frank Bill by Charles Calomiris, Columbia University

March 26, 2010 – New York, NY

Monetary Policy 1.0 by Gregory Hess, Claremont McKenna College

Clarifying Central Bank Responsibilities for Monetary Policy, Credit Policy, and Financial Stability by Marvin Goodfriend, Carnegie Mellon University and National Bureau of Economic Research

The Rationale for Independent Monetary Policy by Bennett McCallum, Carnegie Mellon University

The Federal Reserve: Independence Gained, Independence Lost…. by Michael Bordo, Rutgers University

Restoring Monetary Policy Independence: The Risks of Regulatory Reform by Charles Calomiris, Columbia University

Monetary Policy Independence Amid Fiscal Policy Deterioration by Mickey Levy, Bank of America


April 24, 2009 – Washington, D.C.

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


September 30, 2009 – Washington, D.C.

Panelists

Donald Kohn, Vice Chairman, Federal Reserve Board, Panel Remarks

Athanasios Orphanides, Governor, Central Bank of Cyprus, and Member of the Governing Council of the European Central Bank, Panel Remarks

Exit Policies from the Financial Crisis—To What? by William Poole, Cato Institute

The Fed’s Monetary Policy during the 1930s: A Critical Evaluation by Michael Bordo, Rutgers University

Reassessing the Role of the Fed: Grappling with the Dual Mandate and More? by Charles Calomiris, Columbia University

Exiting Credit Policy to Preserve Sound Monetary Policy by Marvin Goodfriend and Bennett McCallum, Carnegie Mellon University

Fannie and Freddie: The Houseguests that Just Won’t Leave by Gregory Hess, Claremont McKenna College

Macroeconomic Policies and the Economy by Mickey Levy, Bank of America


May 7-8, 2006 – Washington, D.C.

Inflation is Like a Cancer, Not Like a Cold by Gregory Hess, Claremont McKenna College

Monetary Policy and Maintaining Low Inflation by Mickey LevyBank of America

Policy-Rule Retrospective on the Greenspan Era by Bennett McCallum, Carnegie Mellon University

Chairman Bernanke Should Review the Roster of the Fed’s Non-Monetary Policy Activities: Are They a Distraction or Useful for the Conduct of Monetary Policy? by Anna Schwartz, NBER


May 1-2, 2005 – Washington, D.C.

Look Who’s Talking Now! by Gregory Hess, Claremont McKenna College

Monetary Policy AG by Lee Hoskins

Solid Fundamentals and a Temporary Upward Drift in Inflation by Mickey Levy, Bank of America

How Should the Fed Respond to Large Fiscal Deficits? by Bennett McCallum, Carnegie Mellon University

What To Do About the Dollar by Anna Schwartz, NPER

How I Learned to Stop Worrying and Love the Current Account Deficit by Alan Stockman

December 4-5, 2005 – Washington, D.C.

Petronomics and the Fed be Gregory Hess, Claremont McKenna College

Zero Inflation: Goal and Target by Lee Hoskins

Remarks on the President’s Advisory Panel on Tax Reform by Mickey Levy, Bank of America

Is Singapore the Model for China’s New Exchange Rate Policy? by Bennett McCallum, Carnegie Mellon University

Will There Be A Global Trade Pact to Reduce Tariffs, Quotas, Subsidies, and Trade Barriers That Limit Access of Agricultural Products of Less Developed Countries to Developed Country Markets? by Anna Schwartz, NBER


May 2-3, 2004 – Washington, D.C.

Inflation Trends and the Federal Reserve – (Charts) by Mickey Levy, Bank of America

Communicating Monetary Policy by Lee Hoskins

China’s Exchange Rate and Monetary Policy by Bennett T. McCallum, Carnegie Mellon University

Dollar Depreciation Will Not Contribute to U.S. Inflation by Alan Stockman

Can We Avert the Next Financial Crisis by Gregory D. Hess, Claremont McKenna College


November 14-15, 2004 – Washington, D.C.

Federal Budget Realities and the Need for Policy Reform by Mickey Levy, Bank of America

Policy Recommendations: Privatize the IMF and World Bank by Lee Hoskins

The 2004 Nobel Prize in Economics by Bennett T. McCallum, Carnegie Mellon University

Fixing Social Security and Medicare: The Top Priority Domestic Policy by Alan Stockman

Oil, Oil, Toil and Trouble? by Gregory D. Hess, Claremont McKenna College

Regulatory Lapses in Monitoring Anti-Money Laundering Performance by Financial Institutions by Anna Schwartz, NBER


May 18-19, 2003 – Washington, D.C.

An Assessment of Economic Performance and Policymaking and Charts by Mickey Levy, Bank of America

Inflation Targeting for the United States by Bennett McCallum, Carnegie Mellon University

Flat Money and Deflation by Anna Schwartz, NBER

Guns and Butter? by Gregory Hess, Claremont McKenna College

November 9-10, 2003 – Washington, D.C.

It’s Time to Privatize Fannie Mae and Freddie Mac by Gregory Hess, Claremont McKenna College

Property Rights in Iraq by Lee Hoskins

Weak Labor Markets: Soft GDP Rebound or Structural Phenomenon? by Mickey Levy, Bank of America

Misconceptions Regarding Rules vs. Discretion for Monetary Policy by Bennett McCallum, Carnegie Mellon University

Deflating Fears of Deflation by Charles Plosser

Government Spending, Deficits and Optimal Financial Policy by Charles Plosser

Interpreting the U.S. Current Account Deficit by Anna Schwartz, NBER


April 14-15, 2002 – Washington, D.C.

No One Left To Cry To* by Gregory Hess, Claremont McKenna College

Fed Governance by Lee Hoskins

Healthy Economic Recovery and Rising Real Interest Rates by Mickey Levy, Bank of America

The Wall Street Journal Position on Exchange Rates by Bennett McCallum, Carnegie Mellon University

Monetary Policy Coming Out of Recession by Anna Schwartz, NBER

Government and Corporate Governance in a Free Society by Alan Stockman

November 17-18, 2002 – Washington, D.C.

Assessing the Economic Recovery and Charts by Mickey Levy, Bank of America

The Use of Policy Rules in Monetary Policy Analysis by Bennett McCallum, Carnegie Mellon University

Will the U.S. Economy Catch the Japanese Disease? by Alan Stockman

Questions Concerning Argentina, Brazil, and the IMF by Anna Schwartz, NBER

Is It Time for Fannie Mae and Freddie Mac to Cut the Cord? by Gregory Hess, Claremont McKenna College


April 29-30, 2001 – Washington, D.C.

The Uneven Economic Slump & Charts by Mickey Levy, Bank of America

Implications of the Treasury Debt Paydown for Federal Reserve Open Market Operations by Anna Schwartz, NBER

A Tale of Two Press Releases by Gregory Hess, Claremont McKenna College

The Case for a Tax Cut by Alan Stockman

Japanese Monetary Policy by Bennett McCallum, Carnegie Mellon University

Comment on Monetary Policy by Lee Hoskins

October 14-15, 2001 – Washington, D.C.

Economic Performance and Policy Following the Terrorist Attacks & Charts by Mickey Levy, Bank of America

The I.M.F. Infirmary by Anna Schwartz, NBER

Defending the Goal by Gregory Hess, Claremont McKenna College

The Only Real Solution to the Social Security Problem by Alan Stockman

Japanese Monetary Policy Again by Bennett McCallum, Carnegie Mellon University

Property Rights and Wealth by Lee Hoskins

Crisis and Economic Policy by Lee Hoskins


November 12-13, 2000 – Washington, D.C.

Economic and Financial Performance & Charts by Mickey Levy, Bank of America

Budget Surpluses and the End of Fiscal Restraint by Mickey Levy, Bank of America

Oil and the Macroeconomy by Gregory Hess, Claremont McKenna College

Learning the Right Lessons from the Current Account Deficit and Dollar Appreciation by Alan Stockman

The U.S. Deserves a Monetary Standard by Bennett McCallum, Carnegie Mellon University

Monetary Policy: Credible Commitments by Lee Hoskins

The I.M.F. and Its Critics by Anna Schwartz, NBER


September 26-27, 1999 – Washington, D.C.

Economic Outlook: Moderating Growth With Modest Inflation Pressures by Mickey Levy, Bank of America

Does Wage Inflation Cause Price Inflation? by Gregory Hess, Claremont McKenna College

FOMC Bias by Lee Hoskins

Has the Productivity Boom Finally Arrived? by Charles Plosser

Prospects for International Currency Use of the Euro by Anna Schwartz, NBER


March 7-8, 1999 – Washington, D.C.

Medicare Reform by Gregory Hess, Claremont McKenna College

Social Security: Save or Kill? by Lee Hoskins

Budget Surpluses and the Fiscal Policy Debate by Mickey Levy, Bank of America


March 15-16, 1998 – Washington, D.C.

Maintaining Favorable Economic Performance by Mickey Levy, Bank of America

Perspective Budget Surplus by Lee Hoskins

Exaggerated Risks of Deflation by Charles Plosser

Asian Problems and the IMF by Allan Meltzer, Carnegie Mellon

A Note on Stable Velocity by Allan Meltzer, Carnegie Mellon

Contemporaneous Versus Lagged Reserve Requirements: Issue or Non-Issue for Monetary Policy by Robert Rasche

Economic Growth Robust as Imbalances Emerge by Mickey Levy,  Bank of America

Japan-Still Unwilling to Take the Cure by Charles Plosser

Is There Still a Need for an International Lender of Last Resort? by Anna Schwartz, NBER


September 13-14, 1998 – Washington, D.C.

An Economic Perspective Amid Uncertainty by Mickey Levy, Bank of America

Monetary Policy, Stability, Disinflation and Economic Performance by Mickey Levy, Bank of America

Zero Inflation: Finish the Job by Lee Hoskins

Some Observations About International Trade and Global Interdependencies by Charles Plosser

What Future for the IMF? by Anna Schwartz, NBER


March 2, 1997 – Washington, D.C.

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Notes on the Economy, by H. Erich Heinemann

Medicare Reform, by Lee Hoskins

Maintaining Healthy Economic Performance, by Mickey D. Levy, Bank of America

Social Security Reform, by Charles I. Plosser

The Boskin Commission Report, by William Poole

Recent Behavior of Various Monetary Aggregates, by Robert H. Rasche


September 9, 1996 – Washington, D.C.

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Tight Money, by H. Erich Heinemann

A Favorable Outlook: Continued Economic Expansion and Low Inflation, by Mickey D.Levy, Bank of America

Economic and Financial Perspectives, by Mickey D. Levy, Bank of America

Indexed Bonds, by William Poole

Opportunistic Approach to Disinflation, by Robert H. Rasche

March 11, 1996 – Washington, D.C.

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The Road to Recession, by H. Erich Heinemann

Balanced Budgets, Limited Government, and Economic Well-Being, by Lee Hoskins

Economic Conditions, by Mickey D. Levy, Bank of America

Unemployment, Gold, Money and Forecasts of Inflation, by Allan H.Meltzer

The Debt Ceiling, by William Poole

A Note on the Behavior of Interest Rate Spreads in Expansions and Near Cyclical Peaks in the U.S., by Robert H. Rasche

The Mexican Loan Repayment Sleight of Hand, by Anna J. Schwartz, NBER


March 6, 1995 – Washington, D.C.

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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

September 9, 1995 – Washington, D.C.

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Tight Money, Tight Budget, Profit Squeeze in Services, by H. Erich Heinemann

Heinemann Economics, Prospects for Money and the Economy, by H. Erich Heinemann

Some Observations on Monetary Policy, by Lee Hoskins

Positive Implications of Deficit Reduction and Fiscal Reform, by Mickey D. Lev, Bank of America

Soft-Landing Succeeds: Moderate Economic Growth and Improving Inflation Fundamentals, by Mickey D. Levy, Bank of America

The Dollar, by William Poole

How Useful and Reliable is the Unemployment Rate in Forecasting Inflation?, by Robert H. Rasche

G-7 Countries at Halifax Summit Repeat the Mexican Myth, by Anna J. Schwartz


September 11, 1994 – Washington, D.C.

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The Cost of Go-Stop-Go, by H. Erich Heinemann

Budget Progress?, by Mickey D. Levy, Bank of America

Economic Outlook, by Mickey D. Levy, Bank of America

M2 and Base Growth, by Allan H. Meltzer, Carnegie Mellon University

A Note on Recent U.S. Productivity Growth, by William Poole

Recent Behavior of M2, by Robert H. Rasche

Myths in the Report of the Bretton Woods Commission, by Anna J. Schwartz, NBER

March 6, 1994 – Washington, D.C.

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Why are Interest Rates Rising?, by H. Erich Heinemann

Regulatory Consolidation, by Lee Hoskins

Economic Outlook, by Mickey D. Levy, Bank of America

Trade Deficits with Japan, by Charles L Plosser

Understanding the Monetary Aggregates Today, by William Poole

Public Disclosure and FOMC Deliberations, by Robert H. Rasche


September 13, 1993 – Washington, D.C.

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Observations on Trends in Employment, by H. Erich Heinemann

Prospects for Money and the Economy, by H. Erich Heinemann

Economic and Financial Update, by Mickey D. Levy, Bank of America

Projected Deficit Reduction But Not Fiscal Reform, by Mickey D. Levy, Bank of America

Growth of Base Money and Nominal GDP, by Allan H. Meltze, Carnegie Mellon University

The Real Rate of Interest as a Guide to Monetary Policy, by William Poole

March 8, 1993 – Washington, D.C.

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The Uruguay Round and Free Trade Areas, by Jagdish Bhagwati

Federal Reserve Independence and Accountability, by W. Lee Hoskins

President Clinton’s Economic Package, by Mickey D. Levy, Bank of America

Economic Outlook, by Mickey D. Levy, Bank of America

Some Observations on Monetary Base Growth During Recoveries, by Charles I. Plosser

The Competitive Position of the United States in the International Economy, by William Poole

U.S. Foreign Exchange Market Intervention in 1992, by Anna J. Schwartz, NBER


March 8, 1992 – Washington, D.C.

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Structural Shifts Amid a Cyclical Fluctuation: A Tricky Environment for Countercyclical Macroeconomic Policies, by Mickey D. Lev, Bank of America

Memo to the Shadow Open Market Committee, by H. Erich Heinemann

Where Do We Stand in the Battle Against Inflation?, by William Poole

Some Issues in the Interpretation of Recent Monetary Policies, by Robert H. Rasche

Foreign Exchange Market Intervention, by Anna J. Schwart, NBER

How to Help Russia, by Allan H. Meltzer, Carnegie Mellon University

September 13, 1992 – Washington, D.C.

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NAFTA, by Jagdish Bhagwati

Memo to the Shadow Open Market Committee, by H. Erich Heinemann

Economic Outlook, by Mickey D. Levy, Bank of America

Comparing the Candidates’ Economic Platforms, by Mickey D. Levy, Bank of America

Long Term Economic Growth, by Charles I. Plosser

The Role of Inflation and Inflation Expectations in the Current Dismal Recovery, by William Poole

Monetary Aggregates and Monetary Policy, by Robert H. Rasche


September 29, 1991 – Washington, D.C.

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Economic Outlook, by Jerry L. Jordan

The Economy in ’92, by H. Erich Heinemann

Fiscal Policy Lacks Direction and Credibility, by Mickey D. Levy, Bank of America

Recent Behavior of Monetary Aggregates, by Robert H. Rasche

Choosing a Monetary Aggregate: Another Look, by William Poole

Economic Policy Towards Russia and the Soviet Republics, by Charles I. Plosser

The Misuse of the Fed’s Discount Window, by Anna J. Schwartz, NBER

March 4, 1991 – Washington, D.C.

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Economic Outlook, by Jerry L. Jordan

A Fiscal Update: It Can’t Get Much Worse Than This, by Mickey D. Levy, Bank of America

Heinemann Economic Research, by H. Erich Heinemann

The Treasury’s Proposals to Restructure the U.S. Banking System, by Anna J. Schwart, NBER

Modernization of the Financial System: Treasury Recommendations Related to Deposit Insurance, by Robert H. Rasche

Some Observations in Recent Changes in Reserve Requirements, by Robert H. Rasche


October 1, 1990 – Washington, D.C.

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Economic Outlook, by Jerry L. Jordan

Financial Structure Reforms, by Jerry L. Jordan

Shadow Open Market Committee, by Jerry L. Jordan

Fiscal Backpeddling, by Mickey D. Levy, Bank of America

Heinemann Economic Research, by H. Erich Heinemann

Monetary Policy After OU Shock, by William Poole

Foreign Exchange Market Intervention, by Anna J. Schwartz

Recent Growth of the Monetary Aggregates, by Robert H. Rasche

March 19, 1990 – Washington, D.C.

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The U.S. Economy in 1990/91, by Jerry L. Jordan

A Fiscal Policy Update, by Mickey D. Levy, Bank of America

Dismal Landscape, by H. Erich Heinemann

Foreign Exchange Market Intervention, by Anna J. Schwartz, NBER

The German Democratic Republic: Economic Goals, Constraints and Monetary Reform, by William Poole


September 17, 1989 – Washington, D.C.

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Economic Outlook Through 1990 by Jerry L. Jordan

The U.S. Economy, by Jerry L. Jordan

A Federal Budget Update, by Mickey D. Levy

The Economic Outlook, by H. Erich Heinemann

P* Type Models: Evaluation and Forecasts, by Robert H. Rasche

U.S. Monetary Authorities’ Foreign Currency Purchases, by Anna J. Schwartz

Issues in Foreign Investment in the United States, by William Poole

March 20, 1989 – Washington, D.C.

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Economic Outlook, by Jerry L. Jordan

Heinemann Economic Research Memorandum, by H. Erich Heinemann

The International Debt Problem, by Allan H. Meltzer

The Bush Administration’s Proposals to Rescue and Reform the S&L Industry, by Anna J. Schwartz

It’s Hard to Get Excited About the Budget Outlook, by Mickey D. Levy

Recent Monetary Policy Actions and Economic Activity, by Robert H. Rasche

Some Evidence on the Elusive 1982 Shift in Velocity Drift, by Robert H. Rasche

Coordination of Monetary and Fiscal Policy, by William Poole


September 19, 1988 – Washington, D.C.

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Economic Outlook, by Jerry L. Jordan

The U.S. Economy, by Jerry L. Jordan

Refocusing Fiscal Priorities, by Mickey Levy

Recent Behavior of Monetary Base Velocity, by Robert H. Rasche

Official Intervention in the Foreign Exchange Markets, by William Poole

A “Failure” of Monetarism? by Karl Brunner

The Control of the Monetary Base and Its Purpose, by Karl Brunner

Tables, by Karl Brunner

March 13, 1988 – Washington, D.C.

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Economic Outlook, by Jerry L. Jordan

The Economy and Fiscal Policy, by Jerry L. Jordan

Federal Budget Update — More of the Same, by Mickey D. Levy

Monetary Aggregates and Economic Activity, by Robert H. Rasche

U.S. International Capital Flows in the 1980s, by William Poole


September 14, 1987 – Washington, D.C.

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The Federal Budget Tangle, by Mickey D. Levy, Fidelity Bank

Recent Behavior of Ml Velocity, by Robert H. Rasche, Michigan State University

Economic Outlook, by Jerry L. Jordan, First Interstate Bancorp

Monetary Policy and the Outlook, by Jerry L. Jordan, First Interstate Bancorp

Tables, by H. Erich Heinemann, Moseley Securities Corporation

March 9, 1987 – Washington, D.C.

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Economic Outlook and Monetary Policy, by Jerry L. Jordan, First Interstate Bancorp

An Update on Velocity Behavior, by Robert H. Rasche, Michigan State University

Projected Progress on Deficit Reduction: Will It Prove Illusory (Again)? by Mickey D. Levy, Fidelity Bank

PoliPolicy Coordination and the Dollar, by Karl Brunner, University of Rochester


September 21, 1986 – Washington, D.C.

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Economic Outlook, by Jerry L. Jordan, First Interstate Bancorp

Circumventing the Intent of Gramm-Rudman-Hoilings, by Mickey D. Levy, Fidelity Bank

Time Series Analysis of “Velocity” Concepts, by Robert Rasche, Michigan State University and Arizona State University

March 17, 1986 – Washington, D.C.

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Economic Outlook, by Jerry L. Jordan, First Interstate Bancorp

Fiscal and Monetary Policy Overkills, by William Poole, Brown University

A Positive Trend in the Federal Budget Outlook, by Mickey D. Levy, Fidelity Bank

Multiplier Forecasts and the Velocities of Various M’s, by Robert H. Rasche, Michigan State University

External Debt and the Banking System, by Anna J. Schwartz, National Bureau of Economic Research, Inc.

Tables, by H. Erich Heinemann, Ladenburg, Thalmann & Co., Inc.


September 22, 1985 – Washington, D.C.

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Economic Outlook, by Jerry L. Jordan, First Interstate Bancorp

The Money Markets, by William Poole, Brown University

Recent Budget Policy and Economic Impact, by Mickey D. Levy, Fidelity Bank

Where is the Mystery in the Behavior of the Monetary Aggregates? by Robert H. Rasche, Michigan State University

Update to the September, 1985 Shadow Open Market Committee Report: The Behavior of the Monetary Aggregates in August, 1985, or “The Grinch That Stole Christmas”, by Robert H. Rasche, Michigan State University

Commentary on Prospects For Money and the Economy, by H. Erich Heinemann, Ladenburg, Thalmann & Co., Inc.

March 24, 1985 – Washington, D.C.

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Confusion of Language and the Politics of Uncertainty, by Karl Brunner, University of Rochester

Guidelines for Deficit Policy, by Mickey D. Levy, Fidelity Bank

Economic Outlook, by Jerry L. Jordan, First Interstate Bancorp

Forecasts of the Ml – Adjusted Monetary Base Multiplier for 1985, by Robert H. Rasche, Michigan State University

International Trade Policy: The Two Main Tasks, by Jan Tumlir, GATT, Switzerland


September 30, 1984 – Washington, D.C.

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From the “Upper Tail Theory of Inflation” to the “Lower Tail Theory of Deflation”, by Karl Brunner, University of Rochester

Budget (In)Activity and No Deficit “Policy”, by Mickey D. Levy, Fidelity Bank

Monetary Policy and the Outlook—1984/85, by Jerry L. Jordan, University of New Mexico

Recent Behavior of the M. – Adjusted Monetary Base Multiplier and Forecasts for the Remainder of 1984, by Robert H. Rasche, Michigan State University

March 11, 1984 – Washington, D.C.

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Deficits, Interest Rates and Monetary Policy, by Karl Brunner, University of Rochester

Base Velocity – The Trend Continues, by Allan H. Meltzer, Carnegie Mellon University

Trade Restrictions Imposed in 1983, by Jan Tumlir, University of California at Los Angeles

Monetary Policy Options and the Outlook — 1984, by Jerry L. Jordan, University of New Mexico

Economic Projections, by Burton Zwick, Prudential Insurance Company of America

Recent Behavior of the M – Adjusted Monetary Base Multiplier and Forecasts for Early 1984, by James M. Johannes and Robert H. Rasche, Michigan State University

Budget Deficits and the Disarray of Fiscal Policy, by Mickey D. Levy, Fidelity Bank


September 19, 1983 – Washington, D.C.

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The Politics of Myopia and Its Ideology, by Karl Brunner, University of Rochester

Recent Behavior of Base Velocity, by Allan H. Meltzer, Carnegie Mellon University

Oops, Another Money Demand Shift, by Jerry L. Jordan, University of New Mexico

Monetary Policy Options and the Economic Outlook, by Jerry L. Jordan, University of New Mexico

Analysis and Forecasts of Money Multiplier Behavior 1982, by James M. Johannes and Robert H. Rasche, Michigan State University

Federal Budget Outlook — A Report to the SOMC, by Mickey D. Levy, Fidelity Bank

Economic Projections, by Burton Zwick, Prudential Insurance Company of America

Statement on Protectionism to SOMC, by Jan Tumiir, GATT, Geneva, Switzerland

March 6, 1983 – Washington, D.C.

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Monetary Policy as a Random Walk Through History, by Karl Brunner, University of Rochester

Chicken Little and the Monetary Aggregates, by James M. Johannes and Robert H. Rasehe, Michigan State University

Monetary Policy Options and the Outlook for 1983, by Jerry L. Jordan, University of New Mexico

Economic Projections, by Burton Zwiek, Prudential Insurance Company of America

Budget Outlook, by Rudolph G. Penner, American Enterprise Institute

The Recession of 1981/1982 in the Context of Postwar Recessions, by Karl Brunner, University of Rochester

Trade Policy and Current Economic Problems, by Jan Turalir, GATT, Geneva, Switzerland


September 12, 1982 – Washington, D.C.

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The Voices of “Failure” and the Failure of Monetary Policy-Making, by Karl Brunner, University of Rochester and Universitat Bern

Fiscal Policy Outlook – A Report to the SOMC, by Rudolph G. Permer American Enterprise Institute

Forecasting Multipliers in the 80s: The More Things Change the More They Stay the Same, by James M. Johannes and Robert H. Rasche, Michigan State University

Economic Prospects Through 1983 and Economic Outlooks Alternative Forecasts, by Robert X Genetski, Harris Trust and Savings Bank

Economic Projections, by Burton Zwick, Prudential Insurance Company of America

Money and the Economy, by H. Erich Heinemann, Morgan Stanley &. Co., Incorporated

March 14, 1982 – Washington, D.C.

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The Politics of Uncertainty, by Karl Brunner, University of Rochester

Fiscal Outlook, March 1982 and The 1983 Budget Testimony, by Rudolph G. Penner, American Enterprise Institute

Statement to the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs and Appendix, by H. Erich Heinemann, Morgan Stanley & Co., Incorporated.

The Behavior of the Monetary Aggregates: The Predictability of the Past and Some Prognostications for the Future, by James M. Johannes and Robert H. Rasehe, Michigan State University

Sources of Financing for the Government Deficit, by Robert H. Rasehe, Michigan State University

Economic Prospects Through 1983 and Business Outlook-Monthly Update, by Robert J. Genetski, Harris Trust and Savings Bank

Economic Projections, by Burton Zwick, Prudential Insurance Company of America


September 13, 1981 – Washington, D.C.

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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

March 15, 1981 – Washington, D.C.

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Economic Projections, by Jerry L. Jordan, University of New Mexico

The Impact of the Reagan Administration’s Economic Proposals, by Robert J. Genetski, Harris Trust and Savings Bank

At A Critical Juncture, by H. Erich Heinemann Morgan Stanley & Co., Incorporated

Report on Fiscal Policy for the Shadow Open Market Committee, by Rudolph G. Penner, American Enterprise Institute

Updated Forecasts of Money Multipliers, by James M. Johannes and Robert H. Rasehe, Michigan State University

Policymaking, Accountability, and the Social Responsibility of the Fed, by Karl Brunner, University of Rochester


September 21, 1980 – Washington, D.C.

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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

February 3, 1980 – Washington, D.C.

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Fiscal Policy, by Rudolph G. Penner, American Enterprise Institute

Shadow Open Market Committee Position Paper, by Karl Brunner, University of Rochester

Money Multiplier Forecasts, by James M. Johannes and Robert H. Rasche, Michigan State University

The Golden Option, by Wilson E. Schmidt, Virginia Polytechnic Institute

Economic Projections, by Jerry L. Jordan, Pittsburgh National Bank

Economic Outlook, by Beryl W. Sprinkel, Harris Trust and Savings Bank


September 17, 1979 – Washington, D.C.

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SOMC Position Paper, September 1979, by Karl Brunner, University of Rochester

Weekly Federal Reserve Report, by H. Erich Heinemann, Morgan Stanley & Company

A Report on Fiscal Policy for the Shadow Open Market Committee, by Rudolph G. Penner, American Enterprise Institute

Economic Projections, by Jerry L. Jordan, Pittsburgh National Bank

Economic Prospects Through 1980, by Beryl W. Sprinkel, Harris Trust and Savings Bank

The International Dimension, by Wilson E. Schmidt, Virginia Polytechnic Institute

March 11, 1979 – Washington, D.C.

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Statement Prepared for the Hearings on the Conduct of Monetary Policy, Held Pursuant to the Full Employment and Balanced Growth Act of 1978, by Karl Brunner, University of Rochester

Recent Monetary Reversals, by Homer Jones, Federal Reserve Bank of St. Louis

Economic Projections, by Jerry L. Jordan, Pittsburgh National Bank

Economic Outlook, by Beryl W. Sprinkel, Harris Trust & Savings Bank

Weekly Federal Reserve Report, by H. Erich Heinemann, Morgan Stanley & Company

Exchange Rate and Inflation, by Wilson E. Schmidt, Virginia Polytechnic Institute

A Report on Fiscal Policy for the Shadow Open Market Committee, by Rudolph G. Penner, American Enterprise Institute

Money Multiplier Forecast Errors, by Robert Rasche and James Johannes, Michigan State University

Means of Financing of U.S. Budget Deficit 1976-78


September 10, 1978 – Washington, D.C.

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Economic Projections, by Jerry L. Jordan, Pittsburgh National Bank

Economic Prospects Through 1979, by Robert Genetski, Harris Bank

The Dilemma of U.S. Monetary Policy and the “Commitment” to Permanent Inflation, by Karl Brunner, University of Rochester

Fiscal Policy, by Rudolph G. Penner, American Enterprise Institute

Worksheets, by Robert Rasche, Michigan State University

March 12, 1978 – Washington, D.C.

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Where Do We Go From Here? by Allan H. Meltzer, Carnegie Mellon University

Potential Output Growth, by Jerry L. Jordan, Pittsburgh National Bank

Projections for the Economy, by Jerry L. Jordan, Pittsburgh National Bank

Table Revisions, by Jerry L. Jordan, Pittsburgh National Bank

Statement before the Committee on Banking, Finance, and Urban Affairs, by Jerry L. Jordan, Pittsburgh National Bank

Economic Prospects Through 1979, by Robert J. Genetski, Harris Bank

Business Outlook – Monthly Update, by Robert J. Jenetski, Harris Bank

Fiscal Policy, by Rudolph G. Penner, American Enterprise Institute


September 19, 1977 – Washington, D.C.

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Projections for the Economy, by Jerry L. Jordan, Pittsburgh National Bank

Economic Prospects through 1978, by Robert J. Genetski, Harris Bank

Weekly Federal Reserve Report, by H. Erich Heinemann, Morgan Stanley & Company

Memo from Homer Jones, by Homer Jones, Federal Reserve Bank of St. Louis

The Federal Budget, by Rudolph G. Penner, American Enterprise Institute

Financing the Government Deficit, by Robert H. Rasche, Michigan State University

Briefing for the Shadow Open Market Committee, by Wilson E. Schmidt, Virginia Polytechnic Institute and State University

The Dilemma of Inflationary Policies, by Karl Brunner, University of Rochester

March 7, 1977 – Washington, D.C.

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Projections for the Economy, by Jerry L. Jordan, Pittsburgh National Bank

Comments on Fiscal Policy Developments, by Thomas Mayer, University of California

Economic Policy in the Carter Administration, by Allan H. Meltzer, Carnegie Mellon University

International Economic Policy, by Wilson Schmidt, Virginia Polytechnic Institute and State University


September 13, 1976 – Washington, D.C.

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Monetary Policy, Inflation and Economic Expansion, by Karl Brunner, University of Rochester

Notes on GNP Forecast Procedure, by Jerry L. Jordan, Pittsburgh National Bank

Shadow Open Market Committee Meeting — 9/13, by Jerry L. Jordan, Pittsburgh National Bank

The State of the Float, by Wilson E. Schmidt, Virginia Polytechnic Institute and State University

Comments on Fiscal Policy Developments, by Thomas Mayer, University of California

Long Run Outlook and Quarterly Update, by John Rutledge, Claremont Men’s College

March 8, 1976 – Washington, D.C.

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Monetary Policy, Economic Expansion and Inflation, by Karl Brunner, University of Rochester

Implications of Possible Monetary Growth Targets, by A. James Meigs, Claremont Men’s College

Briefing for the Shadow Open Market Committee Meeting, by Wilson E. Schmidt, Virginia Polytechnic Institute and State University

Comments on Past, Current, and Future Fiscal Policy Developments, by Robert H. Rasche, Michigan State University


September 12, 1975 – Washington, D.C.

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Monetary Policy, Economic Policy and Inflation, by Karl Brunner, University of Rochester and Universitat Bern

Implications of Possible Monetary Groth Targets, by A. James Meigs, Claremont Men’s College

Implications of Possible Monetary Groth Targets, Revised 9/10/75, by A. James Meigs, Claremont Men’s College

Comments on the Rate of Inflation and the Real Rate of Interest from 1961 to 1975, by Allan H. Meltzer

Fed Foreign Exchange Intervention: Some Questions, by Wilson E. Schmidt, Virginia Polytechnic Institute and State University

Comments on Future Fiscal Actions and Budget Developments, by Robert H. Rasche, Michigan State University

The Uselessness of Full Employment Budget Concepts as Indicators of Recent Changes in Fiscal Policy and as Forecasts of Future Federal Expenditure Capacity, by Robert H. Rasche, Michigan State University

March 7, 1975 – Washington, D.C.

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Monetary Policy and the Economic Decline, by Karl Brunner, University of Rochester and Universitat Bern

Monetary Policy and the Economic Decline, Revised 3/5/75, by Karl Brunner, University of Rochester and Universitat Bern

Quest for a Stabilizing Monetary Policy, by Beryl W. Sprinkel, Harris Trust and Savings Bank

Proposal for a Federal Reserve Annual Monetary Plan, by Beryl W. Sprinkel, Harris Trust and Savings Bank

Economic Prospects Through 1975, by Robert J. Genetski, Harris Bank

(Revised) The Real Oil Crisis, by Wilson E. Schmidt, Virginia Polytechnic Institute and State University

The Case Against Credit Allocations, by Thomas Mayer, University of California, Davis

Comments on Future Fiscal Policy Actions, by Robert H. Rasche, Michigan State University


September 6, 1974 – Washington, D.C.

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Assessment of Monetary Policy, by Karl Brunner, The University of Rochester

Failures of Banks and Other Financial Institutions, by Allan H. Meltzer

Forecasts of Economic Activity and Prices in 1974 and 1975, by James W. Ford, Ford Motor Company

Pouring Trouble on Oiled Waters: A Briefing for the Shadow Open Market Committee, by Wilson E. Schmidt, Virginia Polytechnic Institute

The Current State of the Budget Estimates, by Unknown Author

March 8, 1974 – Washington, D.C.

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Monetary Growth and Monetary Policy, by Karl Brunner, University of Rochester

Memo to the Shadow Open Market Committee, by A. James Meigs, Argus Research Corporation

The International Outlook: A Briefing for the Shadow Open Market Committee Meeting of March 8, 1974, by Wilson E. Schmidt, Virginia Polytechnic Institute and State University

[Untitled], by Robert Rasche, Michigan State University


September 14, 1973 – Washington, D.C.

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Remarks Prepared for Annual Meeting of National Associaton of Business Economists, by A. James Meigs, Argus Research Corporation

Prepared Statement for Hearing on Recurring Monetary and Credit Crises before the Committee on Banking and Currency, U. S. House of Representatives, by A. James Meigs, Argus Research Corporation