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SOMC: Rethinking Monetary Policy Amid Uncertainty
October 7, 2016
On October 7th, 2016, the Shadow Open Market Committee (SOMC) held its Fall 2016 meeting. The keynote address was delivered by Loretta Mester, President of the Federal Reserve Bank of Cleveland (part 3).
The SOMC, under the auspices of the Manhattan Institute, is an independent group of economists that provides external perspectives on policy choices by the Fed and other leading central banks. The SOMC addresses a wide range of macroeconomic issues, including monetary policy, banking and financial regulations, and fiscal-policy matters that bear on monetary-policy decisions.
AGENDA
| 9:00 AM | Registration and Breakfast |
| 9:30 AM | Introduction Marvin Goodfriend, Carnegie Mellon University |
| 9:35 AM | PANEL I: THE ZERO LOWER BOUND, THEORY AND PRACTICE Marvin Goodfriend, Carnegie Mellon University, Unencumbering Interest Rate Policy at the Zero Bound Athanasios Orphanides, MIT, The ZLB Challenge with an Unknown Natural Rate of Interest Moderator: Michael Bordo, Rutgers University |
| 10:45 AM | PANEL II: FACTORS INHIBITING THE MONETARY TRANSMISSION MECHANISM Charles Calomiris, Columbia University, The Microeconomic Perils of Monetary Policy Experiments Peter Ireland, Boston College, Could the Fed Do More to Please the Public? Mickey Levy, Berenberg Capital Markets, Why Have the Fed’s Polices Failed to Stimulate the Economy? Greg Hess, Wabash College, Comments Moderator: Peter Ireland, Boston College |
| 11:45 AM | Reception/Lunch |
| 12:45 PM | KEYNOTE ADDRESS Loretta Mester, President, Federal Reserve Bank of Cleveland Introduction: Mickey Levy, Berenberg Capital Markets |
| 1:45 PM | Adjourn |
The SOMC will provide an assessment of global economic and financial interactions and make recommendations for the U.S. Federal Reserve and other leading central banks. The SOMC, under the auspices of the Manhattan Institute, is an independent group of economists that provides external perspectives on policy choices by the Fed and other leading central banks. The SOMC addresses a wide range of macroeconomic issues, including monetary policy, banking and financial regulations, and fiscal-policy matters that bear on monetary policy decisions.
Position Papers - October 7, 2016 – New York, NY
Acknowledging Uncertainty by Loretta Mester, President, Federal Reserve Bank of Cleveland
The Case (In Brief) for Unencumbering Interest Rate Policy at the Zero Bound by Marvin Goodfriend, Carnegie Mellon University
The Microeconomic Perils of Monetary Policy Experiments by Charles Calomiris, Columbia University
Could the Fed Do More to Please the Public? by Peter Ireland, Boston College
Why Have the Fed’s Polices Failed to Stimulate the Economy? by Mickey D. Levy, Berenberg Capital Markets
