SOMC Spring Symposium


Maintaining Central Bank Independence in Conducting Monetary Policy

Position papers addressing central bank independence, financial regulatory reform and current monetary policy were presented by SOMC members Michael Bordo, Charles Calomiris, Gregory Hess, Marvin Goodfriend, Mickey Levy and Bennett McCallum.

Position Papers

Monetary Policy 1.0
by Gregory Hess, Claremont McKenna College

Clarifying Central Bank Responsibilities for Monetary Policy, Credit Policy, and Financial Stability
by Marvin Goodfriend, Carnegie Mellon University and National Bureau of Economic Research

The Rationale for Independent Monetary Policy
by Bennett McCallum, Carnegie Mellon University

The Federal Reserve: Independence Gained, Independence Lost….
by Michael Bordo, Rutgers University

Restoring Monetary Policy Independence: The Risks of Regulatory Reform
by Charles Calomiris, Columbia University

Monetary Policy Independence Amid Fiscal Policy Deterioration
by Mickey Levy, Bank of America

An Ode to Independence (PDF)
from Keynote Speaker: Federal Reserve Governor, Kevin Warsh

Transcript from the event

ShadowFed – Agenda