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Event Economics Monetary Policy

SOMC: The Fed's Conduct of Monetary Policy Amid Financial Stress

Friday April 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.


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)