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)