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SOMC: Strategic Approaches To The Fed's Balance Sheet And Communications
March 29, 2019
On March 29, the Shadow Open Market Committee held its Spring 2019 meeting entitled, "Strategic Approaches to the Fed’s Balance Sheet and Communications." The keynote address was delivered by Randal Quarles, Vice Chair for Supervision at the Federal Reserve.
The Shadow Open Market Committee, under the auspices of the Manhattan Institute, is an independent group of economists that provides external perspectives on policy choices by the Federal Reserve and other leading central banks. The SOMC addresses a wide range of macroeconomic issues, including monetary policy, banking and financial regulations, and fiscal-policy matters that bear on monetary-policy decisions.
AGENDA:
INTRODUCTION
Athanasios Orphanides, MIT
PANEL I: STRATEGIC APPROACHES TO THE BALANCE SHEET
Moderator: Athanasios Orphanides
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
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
Moderator: Charles Calomiris
Randal K. Quarles, Vice Chairman for Supervision, Board of
Governors of the Federal Reserve System
Position Papers - March 29, 2019 – New York, NY
Some Practical Considerations for Monetary Policy Frameworks by Randal K. Quarles, Vice Chairman For Supervision, Board Of Governors Of The Federal Reserve System
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
