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X-WR-CALNAME:Shadow Open Market Committee (SOMC)
X-ORIGINAL-URL:http://shadowfed.org
X-WR-CALDESC:Events for Shadow Open Market Committee (SOMC)
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DTSTART;TZID=America/New_York:20250407T080000
DTEND;TZID=America/New_York:20250407T170000
DTSTAMP:20260403T173834
CREATED:20250201T155706Z
LAST-MODIFIED:20250620T121816Z
UID:141388-1744012800-1744045200@shadowfed.org
SUMMARY:Shadow Open Market Committee Meeting April 2025
DESCRIPTION:[vc_row][vc_column width=”1/1″][vc_column_text uncode_shortcode_id=”571099″] \nHow can the Fed improve its policy framework?\nMonday\, April 7\, 2025\n1333 H Street NW – 10th floor Conference room Washington\, DC[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column column_width_percent=”100″ align_horizontal=”align_center” gutter_size=”3″ overlay_alpha=”50″ shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”0″ mobile_width=”0″ width=”1/1″ uncode_shortcode_id=”126141″][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][vc_column_text uncode_shortcode_id=”126431″] \nAGENDA AND LINKS TO PRESENTATIONS\n8:30- 9:00 am Registration/coffee \n9:00-9:15 am Welcome and Overview\, Athanasios Orphanides\, Massachusetts Institute of Technology and Charles Plosser\, Former President\, Federal Reserve Bank of Philadelphia (PDF) \n9:15-10:00 am Conversation with Jim Bullard\, Purdue University and Former President\, Federal Reserve Bank of St. Louis and Richard Clarida\, Columbia University\, PIMCO and Former Vice Chair\, Board of Governors of the Federal Reserve System (PDF) \n10:00-10:30 am Break \n10:30 am-12:00 pm Panel 1: What aspects of the strategy should this review focus on? \nChair: Jim Bullard\, Purdue University and Former President\, Federal Reserve Bank of St. Louis \nPanelist: Gregory Hess\, IES Abroad (Presentation PDF) \nPanelist: Vincent Reinhart\, Chief Economist & Macro Strategist\, BNY Investments (Presentation PDF) \nPanelist: Mickey Levy\, Hoover Institution (Presentation PDF\, Presentation PDF) \n12:00 pm-12:45 pm Lunch \n12:45-2:15 pm Panel 2: How can the Fed best achieve its goals using available instruments? \nChair: Deborah Lucas\, Massachusetts Institute of Technology \nPanelist: David Romer\, University of California\, Berkeley (Presentation PDF) \nPanelist: Thomas Hoenig\, Mercatus Center-George Mason University and Former President\, Federal Reserve Bank of Kansas City\, Former Vice Chair FDIC (Presentation PDF) \nPanelist: Jeff Lacker\, Mercatus Center-George Mason University and Former President\, Federal Reserve Bank of Richmond (Presentation PDF) \n2:15-2:45 pm Break \n2:45-4:15 pm Panel 3: How can the Fed best communicate its policy and policy strategy? \nChair: Gregory Hess\, IES Abroad \nPanelist: Donald Kohn\, Brookings Institution and Former Vice Chair\, Board of Governors of the Federal Reserve System (Presentation PDF) \nPanelist: Andrew Levin\, Dartmouth College (Presentation PDF) \nPanelist: Athanasios Orphanides\, Massachusetts Institute of Technology \n4:15-4:20 pm Concluding remarks: Jim Bullard\, Purdue University and Former President\, Federal Reserve Bank of St. Louis \nSOMC Members:\nMichael D. Bordo\, Rutgers University\nJames Bullard\, Purdue University\, Former President\, Federal Reserve Bank of St Louis\nCharles Calomiris\, Columbia University\nGregory D. Hess\, IES Abroad\nPeter Ireland\, Boston College\nJeffrey M. Lacker\, Former President\, Federal Reserve Bank of Richmond\nAndrew Levin\, Dartmouth College\nMickey D. Levy\, Hoover Institution\nDeborah Lucas\, Massachusetts Institute of Technology\nAthanasios Orphanides\, Massachusetts Institute of Technology\nCharles Plosser\, Former President\, Federal Reserve Bank of Philadelphia \nAdditional information about the SOMC and its past meetings is available at: https://shadowfed.org/[/vc_column_text][/vc_column][/vc_row]
URL:http://shadowfed.org/event/shadow-open-market-committee-meeting-april-2025/
LOCATION:1333 H Street NW\, Washington DC\, 1333 H Stret NW\, Washington\, DC\, 20005\, United States
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DTSTART;VALUE=DATE:20241013
DTEND;VALUE=DATE:20241015
DTSTAMP:20260403T173834
CREATED:20240906T134940Z
LAST-MODIFIED:20241016T105613Z
UID:141356-1728777600-1728950399@shadowfed.org
SUMMARY:A 50-Year Retrospective On The Shadow Open Market Committee And Its Role In Monetary Policy
DESCRIPTION:[vc_row][vc_column width=”1/1″][vc_column_text uncode_shortcode_id=”132929″]A 50-year Retrospective of the SOMC and Its Role in Monetary Policy \nOn 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. \nThe papers and slides are linked in the conference agenda shown below. \n\n\n\n\n\nSunday\, October 13\, 2024\n\n\nTime\nContent\nSpeaker\n\n\n\n\n6:00 – 7:00 PM\nRECEPTION\n—\n\n\n7:00 PM\nWelcoming Remarks\nKeynote Speaker\n“Rules Versus Discretion Over the Last 50 Years”\n\nMichael Bordo\, Hoover Institution and Rutgers University \nJohn Taylor\, Hoover Institution and Stanford University\n(slides)\n\n\n7:20 PM\nDINNER\n—\n\n\n\n\n\n\n\n\n\n\nMonday\, October 14\, 2024\n\n\nTime\nContent\nSpeaker\n\n\n\n\n7:15 – 8:05 AM\nBREAKFAST\n—\n\n\n8:05 AM\nWelcome\nCondoleezza Rice\, Director\, Hoover Institution \n\n\n8:15 AM\nThe Evolution of Monetary Policy: Critical Issues That Have Shaped Monetary Policy and the SOMC Over 50 Years\n\nModerator: Gregory Hess\, IES Global \nPaper: Michael Bordo\, Hoover Institution and Rutgers University\, and\nMickey Levy\, Hoover Institution (paper) (slides) \nDiscussants: David Wheelock\, Federal Reserve Bank of St. Louis (paper) (slides)\nGeorge Tavlas\, Bank of Greece (virtual) (paper) (slides)\n\n\n9:15 AM\nInfluences of the SOMC and Monetarism in Europe and the United Kingdom\n\nModerator: Charles Plosser\, Hoover Institution and former president of the Federal Reserve Bank of Philadelphia \nPanelists: Georg Rich\, former director of the Swiss National Bank (paper) (slides)\nAxel Weber\, former president of the Deutsche Bundesbank (virtual) (slides)\nCharles Goodhart\, former special advisor to the Bank of England (virtual) (slides)\nOtmar Issing\, former chief economist of the Deutsche Bundesbank and the European Central Bank (virtual) (paper)\n\n\n10:30 AM\nBreak\n—\n\n\n10:45 AM\nThe Search for a Nominal Anchor\n\nModerator: Kevin Warsh\, Hoover Institution \nPanelists: Peter Ireland\, Boston College (paper) (slides)\nGregory Hess\, IES Abroad (paper) (slides)\nRobert Hetzel\, George Mason University and formerly Federal Reserve Bank of Richmond (paper)\n\n\n11:45 AM – 12:00 PM\nRoom Transition: Proceed to lunch venue\n—\n\n\n12:00–1:15 PM\n\nLUNCH \nKeynote Speech\n\nPresenter: Christopher Waller\, governor\, Board of Governors of the Federal Reserve Systems \nModerator: Athanasios Orphanides\, Massachusetts Institute of Technology\n\n\n1:15 – 1:30 PM\nRoom Transition: Proceed to Conference Auditorium\n—\n\n\n1:30 PM\nThe Fed’s Evolving Interpretation and Implementation of Its Mandate\n\nModerator: Steve Davis\, Hoover Institution \nPanelists: Athanasios Orphanides\, Massachusetts Institute of Technology (slides)\nAndrew Levin\, Dartmouth College\nJames Bullard\, dean\, Purdue University Business School and former president of the Federal Reserve Bank of St. Louis\n\n\n2:30 PM\nThe Conduct of Monetary Policy: Evolution from Free Reserves to the Corridor and Floor Systems\n\nModerator: Charles Calomiris\, professor emeritus\, Columbia University \nPanelists: Loretta Mester\, University of Pennsylvania and former president of the Federal Reserve Bank of Cleveland (paper) (slides)\nWilliam Nelson\, Bank Policy Institute\, formerly Board of Governors of the Federal Reserve System (paper) (slides)\nDarrell Duffie\, Graduate School of Business\, Stanford University (slides)\n\n\n3:30 PM\nBreak\n—\n\n\n3:45 PM\nPanel on Monetary-Fiscal Issues\n\nModerator: Michael Boskin\, Hoover Institution and Stanford University \nPanelists: John Cochrane\, Hoover Institution (slides)\nCharles Plosser\, Hoover Institution and former president of the Federal Reserve Bank of Philadelphia\nDeborah Lucas\, Massachusetts Institute of Technology (slides)\nPatrick Kehoe\, Stanford University (slides)\n\n\n5:00 PM\nFrom the “Lender of Last Resort” to “Too Big to Fail” to “Financial System Savior”\n\nModerator: Thomas Hoenig\, George Mason University and former president\, Federal Reserve Bank of Kansas City and vice chair FDIC \nPaper: Jeffrey Lacker\, George Mason University and former president\, Federal Reserve Bank of Richmond (paper) (slides) \nDiscussants: Amit Seru\, Hoover Institution and Stanford University (slides)\nCharles Calomiris\, professor emeritus\, Columbia University (slides)\n\n\n6:00 PM\nConcluding Remarks\nMickey Levy\, Hoover Institution\n\n\n6:05 – 6:30 PM\nRECEPTION\n—\n\n\n6:30 – 6:45 PM\nRoom Transition: Proceed to dinner venue\n—\n\n\n6:45 PM\nPanel on the Influences of the SOMC and Others Outside the Fed\n\nModerator: Deborah Lucas\, Massachusetts Institute of Technology \nPanelists: Donald Kohn\, Brookings Institution and former vice chair\, Board of Governors of the Federal Reserve System\nRoger Ferguson\, Council on Foreign Relations and former vice chair\, Board of Governors of the Federal Reserve System \nRobert Heller\, former governor\, Board of Governors of the Federal Reserve System (paper) (slides)\nEsther George\, former president\, Federal Reserve Bank of Kansas City \n\n\n7:45 PM\nDINNER\n—\n\n\n8:30 PM\nCONFERENCE ADJOURNS\n—\n\n\n\n\n\n[/vc_column_text][/vc_column][/vc_row]
URL:http://shadowfed.org/event/a-50-year-retrospective-on-the-shadow-open-market-committee-and-its-role-in-monetary-policy/
LOCATION:DC
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