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SOMC: The Fed's Conduct of Monetary Policy Amid Financial Stress
April 21, 2023
Please join us for a meeting of the Shadow Open Market Committee (SOMC), hosted by the Manhattan Institute. Across multiple panel discussions and position papers, SOMC members discussed a range of issues related to the Federal Reserve, monetary policy, and current macroeconomic challenges.
AGENDA:
Welcoming Remarks
- Michael Bordo , Rutgers University
The Fed’s New Operating Procedures
- Jeffrey Lacker , former president, Federal Reserve Bank of Richmond
- Andrew Levin , Dartmouth College
- Charles Calomiris , Columbia University (moderator)
Position Papers:
- "Fiscal Dominance and the Return to Zero-Interest Reserve Requirements,” (Calomiris)
- “Some Questions About the Fed’s Monetary Policy Operating Regime,” (Lacker)
- “Asymmetries in the Costs and Benefits of Quantitative Easing,” (Levin)
Macroeconomic and Financial Instability Challenges Facing the Fed
Macro Conditions and the Fed’s Dual Mandate
- Michael Bordo , Rutgers University
- SOMC Members
- Mickey Levy , Berenberg Capital Markets (moderator)
Luncheon Address: The Ascendancy of Credit Policy
- Deborah Lucas , MIT
- Athanasios Orphanides , MIT (moderator)
Position Papers - April 21, 2023
Fed Rate Increases From Behind the Curve: Financial Stresses Current and Historical by Mickey Levy, Berenberg Capital Markets and Michael Bordo, Rutgers University
COVID Credit Policies Around the World: Size, Scope, Costs and Consequences by Deborah Lucas, MIT and Gee Hee Hong, IMF
Fiscal Dominance and the Return of Zero-Interest Bank Reserve Requirements by Charles Calomiris, Columbia University
Some Questions About the Fed’s Monetary Policy Operating Regime by Jeffrey Lacker, former President and CEO, Federal Reserve Bank of Richmond
Reading the Macroeconomic Tea Leaves: Seismic Policy Changes and the Need for New Narrative by Deborah Lucas, MIT
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