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SOMC: Preparing To Normalize Monetary Policy
November 3, 2014
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.
| 10:30 AM | REGISTRATION |
| 11:15 AM | WELCOME AND INTRODUCTORY REMARKS PANEL, CORE BELIEFS OF THE SOMC MODERATOR: MARVIN GOODFRIEND PANELISTS: Michael Bordo, Charles Calomiris, Peter Ireland |
| 12:00 PM | LUNCH |
| 12:40 PM | GUEST SPEAKER RICHARD FISHER, President, Federal Reserve Bank of Dallas |
| 1:45 PM | SOMC POSITION PAPERS AND Q&A PANEL 1 MICHAEL BORDO, Federal Reserve Credibility: Lessons from History MICKEY LEVY, Rate Hike Fears are Unwarranted ATHANASIOS ORPHANIDES, European Headwind: ECB Policy and Fed Normalization MARVIN GOODFRIEND, Monetary Policy as a Carry Trade PANEL 2 |
| 3:30 PM | ADJOURN |
Papers - November 3, 2014 – New York, NY
Federal Reserve Credibility and Reputation in Historical Perspective by Michael D. Bordo, Rutgers University
Phony Deflation Worries by Charles W. Calomiris, Columbia University
Monetary Policy as a Carry Trade by Marvin Goodfriend, Carnegie Mellon University
Can We Trust the Fed? by Gregory D. Hess, Wabash College
The Classical Theory of Inflation and Its Uses Today by Peter Ireland, Boston College
Rate Hike Fears are Unwarranted by Mickey D. Levy, Blenheim Capital Management
Bitcoin Issues by Bennett T. McCallum, Carnegie Mellon University
European Headwind: ECB Policy and Fed Normalization by Athanasios Orphanides, MIT
