Shadow Open Market Committee (SOMC)

Shadow Open Market Committee Meeting April 2025
2025-04-07 08:00 - 17:00 (America/New_York) | 1333 H Street NW, Washington DC, 1333 H Stret NW, Washington, DC, 20005, United States
How can the Fed improve its policy framework?
Monday, April 7, 2025
1333 H Street NW – 10th floor Conference room Washington, DC 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
AGENDA AND LINKS TO PRESENTATIONS
8:30- 9:00 am Registration/coffee
9:00-9:15 am Welcome and Overview, Athanasios Orphanides, Massachusetts Institute of Technology and Charles Plosser, Former President, Federal Reserve Bank of Philadelphia (PDF)
9:15-10:00 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)
10:00-10:30 am Break
10:30 am-12:00 pm Panel 1: What aspects of the strategy should this review focus on?
Chair: Jim Bullard, Purdue University and Former President, Federal Reserve Bank of St. Louis
Panelist: Gregory Hess, IES Abroad (Presentation PDF)
Panelist: Vincent Reinhart, Chief Economist & Macro Strategist, BNY Investments (Presentation PDF)
Panelist: Mickey Levy, Hoover Institution (Presentation PDF, Presentation PDF)
12:00 pm-12:45 pm Lunch
12:45-2:15 pm Panel 2: How can the Fed best achieve its goals using available instruments?
Chair: Deborah Lucas, Massachusetts Institute of Technology
Panelist: David Romer, University of California, Berkeley (Presentation PDF)
Panelist: Thomas Hoenig, Mercatus Center-George Mason University and Former President, Federal Reserve Bank of Kansas City, Former Vice Chair FDIC (Presentation PDF)
Panelist: Jeff Lacker, Mercatus Center-George Mason University and Former President, Federal Reserve Bank of Richmond (Presentation PDF)
2:15-2:45 pm Break
2:45-4:15 pm Panel 3: How can the Fed best communicate its policy and policy strategy?
Chair: Gregory Hess, IES Abroad
Panelist: Donald Kohn, Brookings Institution and Former Vice Chair, Board of Governors of the Federal Reserve System (Presentation PDF)
Panelist: Andrew Levin, Dartmouth College (Presentation PDF)
Panelist: Athanasios Orphanides, Massachusetts Institute of Technology
4:15-4:20 pm Concluding remarks: Jim Bullard, Purdue University and Former President, Federal Reserve Bank of St. Louis
SOMC Members:
Michael D. Bordo, Rutgers University
James Bullard, Purdue University, Former President, Federal Reserve Bank of St Louis
Charles Calomiris, Columbia University
Gregory D. Hess, IES Abroad
Peter Ireland, Boston College
Jeffrey M. Lacker, Former President, Federal Reserve Bank of Richmond
Andrew Levin, Dartmouth College
Mickey D. Levy, Hoover Institution
Deborah Lucas, Massachusetts Institute of Technology
Athanasios Orphanides, Massachusetts Institute of Technology
Charles Plosser, Former President, Federal Reserve Bank of Philadelphia
Additional information about the SOMC and its past meetings is available at: https://shadowfed.org/
