How can the Fed improve its policy framework?

Monday, April 7, 2025
1333 H Street NW – 10th floor Conference room Washington, DC

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

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

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/