Archives - March 8, 1976 – Washington, D.C.

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  • SOMC Policy Statement Summary
  • Policy Statement

Position Papers

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

Shadow Open Market Committee Spring 2019 Meeting

SOMC 2019 Spring Meeting

Presents…

the SHADOW OPEN MARKET COMMITTEE (SOMC) Meeting:

Strategic Approaches To The Fed’s Balance Sheet And Communications

March 29, 2019 | New York City

 

INTRODUCTION:
Athanasios Orphanides, MIT

 

PANEL I: STRATEGIC APPROACHES TO THE BALANCE SHEET
Moderator: Athanasios Orphanides, MIT
Charles Plosser, Hoover Institution: Balance Sheet: Exposures, Risks, and Financial Difficulties
Peter Ireland, Boston College: Making Better and More Consistent Use of the Fed’s Balance Sheet

 

PANEL II: FED COMMUNICATIONS AND SUGGESTIONS FOR IMPROVEMENT
Moderator: Michael Bordo, Rutgers University Flexible Rules Versus Discretion: The Fed’s “New” Data-Dependent Approach
Charles Calomiris, Columbia University: Why Natural Language Processing Will Revolutionize Accountability in Fed Communication
Mickey Levy, Berenberg Capital Markets: Suggestions for Clearer Communications and Transparency

 

KEYNOTE ADDRESS
Randal K. Quarles, Vice Chairman For Supervision, Board Of Governors Of The Federal Reserve System
Introduction: Charles Calomiris

 

March 29, 2019 – New York, NY

Keynote Address

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

 

Position Papers

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

 

2019

SOMC 2018 Fall Meeting

Presents…

the SHADOW OPEN MARKET COMMITTEE (SOMC) Meeting:

“10 Years After The Crisis: The State Of Monetary And Financial Policy”

October 19, 2018 | New York City

 

INTRODUCTION:
Mickey Levy, Berenberg Capital Markets

PANEL I: REVISITING THE FED’S MONETARY POLICY FRAMEWORK
Moderator: Mickey Levy, Berenberg Capital Markets
Peter Ireland, Boston College: Economic Conditions and Policy Strategies: A Monetarist View
Michael Bordo, Rutgers University: Hawks and Doves at the Federal Reserve

 

PANEL II: FINANCIAL POLICY TEN YEARS AFTER THE CRISIS
Moderator: Athanasios Orphanides, MIT
Deborah Lucas, MIT: The Financial Crisis Bailouts: What They Cost Taxpayers Who Reaped the Direct Benefits
Gregory Hess, Wabash College: Fannie Mae and Freddie Mac—Re-Loaded

 

KEYNOTE ADDRESS
Robert S. Kaplan, Federal Reserve Bank of Dallas
Introduction: Michael Bordo and Mickey Levy

 

October 19, 2018 – New York, NY

Keynote Address

by Robert S. Kaplan, President, Federal Reserve Bank of Dallas

 

Position Papers


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

 

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

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