Archives - September 21, 1986 – Washington, D.C.

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  • SOMC Policy Statement Summary
  • Policy Statement

Position Papers

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

SOMC 2020 SPRING EVENTCAST

Presents…

the SHADOW OPEN MARKET COMMITTEE (SOMC) Meeting:


Assessing The Fed’s Responses To The Pandemic Crisis

May 28, 2020

 

11:00 AM
INTRODUCTION
Mickey Levy, Berenberg Capital Markets

11:03 AM
PANEL I: THE FED’S STRATEGY AND OBJECTIVES IN HISTORIC PERSPECTIVE
Moderator: Allison Schrager, Manhattan Institute
Michael Bordo, Rutgers University, ”Lessons from the History of Wars, the Great Depression and the Financial Crisis”
Mickey Levy, Berenberg Capital Markets, “Assessing the Risks of Deflation and Inflation”
Peter Ireland, Boston College, “Issues in Monetary Policy Strategy”
Athanasios Orphanides, MIT, “Observations on Central Banks: Comparing the Fed and the ECB”

12:00 PM
PANEL II: THE FED’S CREDIT LENDING
Moderator: Charles Plosser, former president, Federal Reserve Bank of Philadelphia
Deborah Lucas, MIT, “The Fed’s Expanded Lending Facilities”
Gregory Hess, Wabash College, “Has the Fed Overplayed Its Hand as Lender of Last Resort?”
Andrew Levin, Dartmouth College, “Conducting Monetary Policy Under Extreme Uncertainty”

 

Shadow Open Market Committee Spring 2020 Meeting

March 6, 2020 – New York, NY

Position Papers

 
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

 

2020

SOMC 2020 SPRING MEETING

Presents…

the SHADOW OPEN MARKET COMMITTEE (SOMC) Meeting:


Current Monetary Policy: The Influence Of Marvin Goodfriend

March 6, 2020 | New York City

 

WELCOMING REMARKS:
Mickey Levy, Berenberg Capital Markets, LLC
REMARKS:
Robert King, Boston University
PANEL I: TRANSPARENCY AND COMMUNICATIONS
Chair: Gregory Hess, Wabash College
Charles Calomiris, Columbia University
Charles Evans, President, Federal Reserve Bank of Chicago
Donald Kohn, The Brookings Institution and former Vice Chairman of the Federal Reserve Board
Loretta Mester, President, Federal Reserve Bank of Cleveland

PANEL II: INFLATION TARGETING AND RULES-BASED POLICY
Chair: Michael Bordo, Rutgers University
James Bullard, President, Federal Reserve Bank of St. Louis
Peter Ireland, Boston College
Athanasios Orphanides, MIT

REMARKS
J. Alfred Broaddus, former President, Federal Reserve Bank of Richmond
PANEL III: MONETARY POLICY AND THE ZERO LOWER BOUND
Chair: Michael Bordo, Rutgers University
Andrew Levin, Dartmouth College
Eric Rosengren, President, Federal Reserve Bank of Boston
John Williams, President, Federal Reserve Bank of New York

PANEL IV: THE FED’S BALANCE SHEET AND CREDIT POLICY
Chair: Mickey Levy, Berenberg Capital Markets, LLC
Esther George, President, Federal Reserve Bank of Kansas City
Deborah Lucas, MIT
William Poole, Mises Institute & former President, Federal Reserve Bank of St. Louis

September 27, 2019 – New York, NY

Position Papers

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

 

SOMC 2019 Fall Meeting

Presents…

the SHADOW OPEN MARKET COMMITTEE (SOMC) Meeting:


Strategies For Promoting The Fed’s Independence And Accountability

September 27, 2019 | New York City

 

INTRODUCTION:
Mickey Levy, Berenberg Capital Markets

 

PANEL I: CHARACTERISTICS OF THE FED’S INDEPENDENCE AND ACCOUNTABILITY
Moderator: Gregory Hess, Wabash College: Introduction to “Characteristics of the Fed’s Independence and Accountability”
Charles Calomiris, Columbia University: How Fed Leaders Politicize the Fed
Deborah Lucas, MIT: Independence Revisited

 

PANEL II: THE FED’S MONETARY POLICY STRATEGY AND RULES
Moderator: Peter Ireland, Boston College
Athanasios Orphanides, MIT: The Role of Policy Rules in the Fed’s Monetary Policy Strategy
Andrew Levin, Dartmouth College: Assesing the FOMC’s Tools for Providing Monetary Stimulus at the Zero Lower Bound
Michael Bordo, Rutgers University and Mickey LevyTariffs and Monetary Policy: A Toxic Mix

 

PANEL III: THE LIMITATIONS OF MONETARY POLICY AND THE FED’S INDEPENDENCE
Charles Plosser, Former President, Federal Reserve Bank of Philadelphia

 

KEYNOTE ADDRESS:
Moderator: Charles Plosser
Patrick Harker, President, Federal Reserve Bank of Philadelphia

 

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