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SOMC: Monetary Policy For Growth And Stability: Lessons From the Fed's First Century
March 14, 2014
SESSION I
Bennett T. McCallum: “Fiscal vs. Monetary Demand Policy: Which will Dominate?”
Peter Ireland: “Shifting Perspectives on the Dual Mandate”
Mickey D. Levy: “Achieving Normalcy in Monetary Policy”
Gregory D. Hess: “The Return of Fine Tuning”
SESSION II
Charles W. Calomiris: “Reforming the Rules that Govern the Fed”
Michael D. Bordo: “Has the Fed Learned to be an Effective Lender of Last Resort in its First 100 Years?”
Marvin Goodfriend: “The Relevance of the Fed’s Surplus Account for Current Policy”
Questions & Answers
GUEST PRESENTATION
Martin Feldstein, Professor of Economics, Harvard University
The Shadow Open Market Committee (SOMC) was founded in 1973 by Karl Brunner of the University of Rochester and Allan Meltzer of Carnegie Mellon University. Now sponsored by the Manhattan Institute, the SOMC is an independent group of economists drawn from academic institutions and private organizations that provides external perspective on the policy choices and actions of the Federal Reserve’s Open Market Committee. The SOMC also addresses a range of macroeconomic issues including banking policy and fiscal policy matters that bear on FOMC decisions. The Committee’s deliberations are intended to improve discussions among policy makers, journalists and the general public with the hope that wiser policy decisions will result. For more, see ShadowFed.org.
Martin Feldstein is the George F. Baker Professor of Economics at Harvard University, where he has taught for over forty years. Professor Feldstein is widely recognized as one of the most influential economists in the world. Among his numerous accomplishments and responsibilities, Professor Feldstein was President and CEO of the National Bureau of Economic Research from 1978 to 2008 and Chairman of the Council of Economic Advisors under President Reagan.
Papers - 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
