Archives - March 12, 1978 – Washington, D.C.

POSITION PAPERS:

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

Have We Dodged the Bullets

October 20, 2023

AGENDA

Welcoming Remarks

• Charles Plosser, former President, Federal Reserve Bank of Philadelphia

Panel I: Reflections on the Recent Banking Crisis

• Deborah Lucas, Massachusetts Institute of Technology, “Rules for Regulating Banks:  Establishing Guidelines and Incentives”
• Charles Calomiris, University of Austin, ”Lessons of the Recent Banking Crisis for Regulation and Supervision”
• Roundtable with SOMC members
• Jeffrey Lacker, former President, Federal Reserve Bank of Richmond (moderator)

Panel II: Issues in Monetary Policy

• Peter Ireland, Boston College, “U.S. Monetary Policy, 2020-2023:  Putting the Quantity Theory to the Test”
• Michael Bordo, Rutgers University and the Hoover Institution, “Monetary Aggregates Still  Matter”
• Athanasios Orphanides, Massachusetts Institute of Technology, “Has the Fed Escaped the Forward Guidance Trap?”
• Roundtable with SOMC members
• Gregory Hess, IES Abroad (Moderator)

Luncheon and Keynote Address

• Loretta Mester, President, Federal Reserve Bank of Cleveland
• Mickey Levy, Berenberg Capital Markets (moderator)

Concluding Remarks

The Fed’s Conduct of Monetary Policy Amid Financial Stress

April 21, 2023

AGENDA:

Welcoming Remarks

• Michael Bordo, Rutgers University

The Fed’s New Operating Procedures

• Jeffrey Lacker, former president, Federal Reserve Bank of Richmond
• Andrew Levin, Dartmouth College
• Charles Calomiris, Columbia University (moderator)

Position Papers:

• “Fiscal Dominance and the Return to Zero-Interest Reserve Requirements,” (Calomiris)
• “Some Questions About the Fed’s Monetary Policy Operating Regime,” (Lacker)
• “Asymmetries in the Costs and Benefits of Quantitative Easing,” (Levin)

Macroeconomic and Financial Instability Challenges Facing the Fed

Macro Conditions and the Fed’s Dual Mandate

• Michael Bordo, Rutgers University
• SOMC Members
• Mickey Levy, Berenberg Capital Markets (moderator)

Luncheon Address: The Ascendancy of Credit Policy

• Deborah Lucas, MIT
• Athanasios Orphanides, MIT (moderator)

POSITION PAPERS:

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

Position Papers

 
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

Presents…

the SHADOW OPEN MARKET COMMITTEE (SOMC):

Restoring Price Stability: Keep at It

November 11, 2022

AGENDA:
8:30 AM
REGISTRATION AND BREAKFAST

9:00 AM
WELCOME REMARKS
Gregory D. Hess, IES Abroad

PANEL I: INFLATION, DISINFLATION, AND THE FED’S CHALLENGE
Moderator: Deborah Lucas, MIT
Mickey D. Levy, Berenberg Capital Markets: “Inflation and the Fed’s Challenge”
Jeffrey Lacker, former President, Federal Reserve Bank of Richmond and
Charles Plosser, former President, Federal Reserve Bank of Philadelphia: “To maintain Resolve the Fed Should Reference Successful Policy Rules”

OPEN DISCUSSION:
THE COST OF KEEPING AT IT: WHAT (IF ANYTHING) SHOULD GIVE THE FED PAUSE?

PANEL II: HOW SHOULD THE FED ADDRESS ITS CURRENT CHALLENGE AND RISKS?
Moderator: Athanasios Orphanides, MIT
John Taylor, Professor of Economics, Stanford University and Senior Fellow, Hoover Institution
Donald Kohn, Brookings Institution and former Vice Chair at the Federal Reserve

12:00 PM
RECEPTION/LUNCH
LUNCHEON ADDRESS: HISTORY OF CENTRAL BANKS
Michael Bordo, Rutgers University and Senior Visiting Scholar the Hoover Institution

Position Papers

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

Presents…

the SHADOW OPEN MARKET COMMITTEE (SOMC) Eventcast:

The Fed’s Inflation Challenge

April 29, 2022

12:00 PM
WELCOMING REMARKS
Allison Schrager, Manhattan Institute

12:05 PM
PANEL I: INFLATION REDUX
Moderator: Michael Bordo, Rutgers University
Mickey Levy, Berenberg Capital Markets, “Inflation, Labor Markets and the Fed’s Dual Mandate”
Andrew Levin, Dartmouth College, “Quantitative Tightening: Constraints, Costs and Risks”
Peter Ireland, Boston College, “The Continuing Case for Nominal GDP Targeting”

12:35 PM
DISCUSSION AND Q&A
SOMC discussion with comments by Charles Calomiris and Gregory Hess on Inflationary Expectations and Appropriate Responses to Supply Shocks

1:00 PM
PANEL II: DISCUSSION WITH FORMER FOMC MEMBERS
Moderator: Athanasios Orphanides, MIT
Bill Dudley, Former President, Federal Reserve Bank of New York
Jeffrey Lacker, Former President, Federal Reserve Bank of Richmond
Charles Plosser, Former President, Federal Reserve Bank of Philadelphia

Position Papers

 
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