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Event Cities, Economics Monetary Policy

SOMC: Monetary Policy For Growth And Stability: Lessons From the Fed's First Century

Friday March 2014


Peter Ireland Member, Shadow Open Market Committee
Gregory D. Hess Member, Shadow Open Market Committee
Charles W. Calomiris Book Fellow, Manhattan Institute; Henry Kaufman Professor of Financial Institutions, Columbia Business School @cwcalomiris
Michael D. Bordo Member, Shadow Open Market Committee

Bennett T. McCallum: “Fiscal vs. Monetary Demand Policy: Which will Dominate?”
Peter Ireland: “Shifting Perspectives on the Dual Mandate”
Mickey D. Levy: “Achieving Normalcy in Monetary Policy”
Gregory D. Hess: “The Return of Fine Tuning”

Charles W. Calomiris: “Reforming the Rules that Govern the Fed”
Michael D. Bordo: “Has the Fed Learned to be an Effective Lender of Last Resort in its First 100 Years?”
Marvin Goodfriend: “The Relevance of the Fed’s Surplus Account for Current Policy”
Questions & Answers

Martin Feldstein, Professor of Economics, Harvard University

The Shadow Open Market Committee (SOMC) was founded in 1973 by Karl Brunner of the University of Rochester and Allan Meltzer of Carnegie Mellon University. Now sponsored by the Manhattan Institute, the SOMC is an independent group of economists drawn from academic institutions and private organizations that provides external perspective on the policy choices and actions of the Federal Reserve’s Open Market Committee. The SOMC also addresses a range of macroeconomic issues including banking policy and fiscal policy matters that bear on FOMC decisions. The Committee’s deliberations are intended to improve discussions among policy makers, journalists and the general public with the hope that wiser policy decisions will result. For more, see

Martin Feldstein is the George F. Baker Professor of Economics at Harvard University, where he has taught for over forty years. Professor Feldstein is widely recognized as one of the most influential economists in the world. Among his numerous accomplishments and responsibilities, Professor Feldstein was President and CEO of the National Bureau of Economic Research from 1978 to 2008 and Chairman of the Council of Economic Advisors under President Reagan.