Archives - March 15, 1981 – Washington, D.C.

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  • SOMC Policy Statement Summary
  • Policy Statement

Position Papers

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

April 21, 2023

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

2023

November 11, 2022

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

SOMC FALL 2022 EVENT

Presents…

the SHADOW OPEN MARKET COMMITTEE (SOMC):


Restoring Price Stability: Keep at It

November 11, 2022

 

AGENDA:
8:30 AMREGISTRATION AND BREAKFAST9:00 AMWELCOME REMARKSGregory D. Hess, IES AbroadPANEL I: INFLATION, DISINFLATION, AND THE FED’S CHALLENGEModerator: Deborah Lucas, MITMickey D. Levy, Berenberg Capital Markets: “Inflation and the Fed’s Challenge”Jeffrey Lacker, former President, Federal Reserve Bank of Richmond andCharles 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, MITJohn Taylor, Professor of Economics, Stanford University and Senior Fellow, Hoover InstitutionDonald Kohn, Brookings Institution and former Vice Chair at the Federal Reserve12:00 PMRECEPTION/LUNCHLUNCHEON ADDRESS: HISTORY OF CENTRAL BANKSMichael Bordo, Rutgers University and Senior Visiting Scholar the Hoover Institution

April 29, 2022

Position Papers

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

SOMC SPRING 2022 EVENTCAST

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

 

 

February 11, 2022

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
 

2022

SOMC WINTER 2022 EVENTCAST

Presents…

the SHADOW OPEN MARKET COMMITTEE (SOMC) Eventcast:


Challenges for the Fed’s Monetary and Regulatory Policies

February 11, 2022

 

2:00 PM
WELCOMING REMARKS:
Allison Schrager, Manhattan Institute

PANEL I: RESTORING PRICE STABILITY: WHAT WENT WRONG AND HOW TO FIX IT
Moderator: Gregory Hess, IES Abroad
Michael Bordo, Rutgers University, “The Fed’s Tendency to Bungle Exits”
Andrew Levin, Dartmouth College, “Will the Fed Repeat the Mistakes of the Great Inflation?”
Mickey Levy, Berenberg Capital Markets, “The Challenges of Persistently High Inflation”
Deborah Lucas, MIT, “Why Today’s Inflation Is a Fiscal and Credit Policy Hangover”
Athanasios Orphanides, MIT, “How Should the Fed Correct the Course of Monetary Policy?”

3:20 PM
PANEL II: GOVERNING MONETARY POLICY
Moderator: Peter Ireland, Boston College
Christina Skinner, The Wharton School of the University of Pennsylvania, “Fed Activism, Populism and the Rule of Law”
Charles Calomiris, Columbia University, “Where Did Monetary Policy Come From and Where Is It Going?”

4:00 PM
CONCLUDING REMARKS

 

 

October 1, 2021

Position Papers

 
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