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SOMC: The Fed's Conduct of Monetary Policy Amid Financial Stress
21
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.
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)