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A 50-Year Retrospective On The Shadow Open Market Committee And Its Role In Monetary Policy

Name: A 50-Year Retrospective On The Shadow Open Market Committee And Its Role In Monetary Policy
Start: 2024-10-13T00:00:00+00:00
End: 2024-10-14T23:59:59+00:00

October 13 - October 14

A 50-year Retrospective of the SOMC and Its Role in Monetary Policy

On October 13-14, the Hoover Institution at Stanford University hosted the SOMC’s 50th Anniversary meeting. The conference included presented papers, panel discussions and keynote speeches on the evolution of monetary policy and the SOMC’s contributions; the influences of the SOMC and monetarism in the UK and Europe; the search for a nominal anchor; the Fed’s evolving interpretation and implementation of the dual mandate; the evolution from free reserves to the coordior and floor systems; fiscal and monetary issues; from “lender of last resort to ‘too big to fail” to “financial system failure”; and a panel of former Fed members on the influences of the SOMC and others outside the Fed. Keynote speeches were provided by Chris Waller, Governor of the Federal Reserve System and John Taylor, the Hoover Institution and Stanford University.

The papers and slides are linked in the conference agenda shown below.

Sunday, October 13, 2024
Time	Content	Speaker
6:00 – 7:00 PM	RECEPTION	—
7:00 PM	Welcoming Remarks Keynote Speaker “Rules Versus Discretion Over the Last 50 Years”	Michael Bordo, Hoover Institution and Rutgers University John Taylor, Hoover Institution and Stanford University (slides)
7:20 PM	DINNER	—

Monday, October 14, 2024
Time	Content	Speaker
7:15 – 8:05 AM	BREAKFAST	—
8:05 AM	Welcome	Condoleezza Rice, Director, Hoover Institution
8:15 AM	The Evolution of Monetary Policy: Critical Issues That Have Shaped Monetary Policy and the SOMC Over 50 Years	Moderator: Gregory Hess, IES Global Paper: Michael Bordo, Hoover Institution and Rutgers University, and Mickey Levy, Hoover Institution (paper) (slides) Discussants: David Wheelock, Federal Reserve Bank of St. Louis (paper) (slides) George Tavlas, Bank of Greece (virtual) (paper) (slides)
9:15 AM	Influences of the SOMC and Monetarism in Europe and the United Kingdom	Moderator: Charles Plosser, Hoover Institution and former president of the Federal Reserve Bank of Philadelphia Panelists: Georg Rich, former director of the Swiss National Bank (paper) (slides) Axel Weber, former president of the Deutsche Bundesbank (virtual) (slides) Charles Goodhart, former special advisor to the Bank of England (virtual) (slides) Otmar Issing, former chief economist of the Deutsche Bundesbank and the European Central Bank (virtual) (paper)
10:30 AM	Break	—
10:45 AM	The Search for a Nominal Anchor	Moderator: Kevin Warsh, Hoover Institution Panelists: Peter Ireland, Boston College (paper) (slides) Gregory Hess, IES Abroad (paper) (slides) Robert Hetzel, George Mason University and formerly Federal Reserve Bank of Richmond (paper)
11:45 AM – 12:00 PM	Room Transition: Proceed to lunch venue	—
12:00–1:15 PM	LUNCH Keynote Speech	Presenter: Christopher Waller, governor, Board of Governors of the Federal Reserve Systems Moderator: Athanasios Orphanides, Massachusetts Institute of Technology
1:15 – 1:30 PM	Room Transition: Proceed to Conference Auditorium	—
1:30 PM	The Fed’s Evolving Interpretation and Implementation of Its Mandate	Moderator: Steve Davis, Hoover Institution Panelists: Athanasios Orphanides, Massachusetts Institute of Technology (slides) Andrew Levin, Dartmouth College James Bullard, dean, Purdue University Business School and former president of the Federal Reserve Bank of St. Louis
2:30 PM	The Conduct of Monetary Policy: Evolution from Free Reserves to the Corridor and Floor Systems	Moderator: Charles Calomiris, professor emeritus, Columbia University Panelists: Loretta Mester, University of Pennsylvania and former president of the Federal Reserve Bank of Cleveland (paper) (slides) William Nelson, Bank Policy Institute, formerly Board of Governors of the Federal Reserve System (paper) (slides) Darrell Duffie, Graduate School of Business, Stanford University (slides)
3:30 PM	Break	—
3:45 PM	Panel on Monetary-Fiscal Issues	Moderator: Michael Boskin, Hoover Institution and Stanford University Panelists: John Cochrane, Hoover Institution (slides) Charles Plosser, Hoover Institution and former president of the Federal Reserve Bank of Philadelphia Deborah Lucas, Massachusetts Institute of Technology (slides) Patrick Kehoe, Stanford University (slides)
5:00 PM	From the “Lender of Last Resort” to “Too Big to Fail” to “Financial System Savior”	Moderator: Thomas Hoenig, George Mason University and former president, Federal Reserve Bank of Kansas City and vice chair FDIC Paper: Jeffrey Lacker, George Mason University and former president, Federal Reserve Bank of Richmond (paper) (slides) Discussants: Amit Seru, Hoover Institution and Stanford University (slides) Charles Calomiris, professor emeritus, Columbia University (slides)
6:00 PM	Concluding Remarks	Mickey Levy, Hoover Institution
6:05 – 6:30 PM	RECEPTION	—
6:30 – 6:45 PM	Room Transition: Proceed to dinner venue	—
6:45 PM	Panel on the Influences of the SOMC and Others Outside the Fed	Moderator: Deborah Lucas, Massachusetts Institute of Technology Panelists: Donald Kohn, Brookings Institution and former vice chair, Board of Governors of the Federal Reserve System Roger Ferguson, Council on Foreign Relations and former vice chair, Board of Governors of the Federal Reserve System Robert Heller, former governor, Board of Governors of the Federal Reserve System (paper) (slides) Esther George, former president, Federal Reserve Bank of Kansas City
7:45 PM	DINNER	—
8:30 PM	CONFERENCE ADJOURNS	—

Details

Start:: October 13
End:: October 14
Website:: https://www.hoover.org/events/50-year-retrospective-shadow-open-market-committee-and-its-role-monetary-policy