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The Limits of Monetary Policy

Wednesday January 2011


Richard W. Fisher President and CEO, Federal Reserve Bank of Dallas

Welcoming Remarks: Lawrence J. Mone, President, Manhattan Institute

Introductory Remarks: David Malpass, President, Encima Global LLC, Chairman, GrowPAC

As the financial crisis enters its fourth calendar year, the federal funds rate is near zero and unemployment remains stubbornly high. With the jury still out on the stimulative effects of the Federal Reserve’s second round of quantitative easing, questions are swirling about the limits and effectiveness of the central bank's policymaking.

Please join us as Richard W. Fisher, president and CEO of the Federal Reserve Bank of Dallas, presents an indepth analysis of the current state of the economy and the limitations of monetary policy. A voting member of the Federal Open Market Committee (FOMC), the Fed’s principal monetary policymaking group, Fisher is known to be one of the Committee’s most “hawkish” members. He began his career at Brown Brothers Harriman & Co. and spent twenty-one years in the funds management business. He is the only member of the FOMC with an operating markets background. From 1997 to 2001, Fisher was deputy U.S. trade representative with the rank of ambassador. He oversaw the implementation of NAFTA and various agreements with Vietnam, Korea, Japan, Chile, and Singapore. He was a senior member of the team that negotiated the bilateral accords for China’s and Taiwan's accession to the World Trade Organization. Before joining the Fed, Fisher spent four years as vice-chairman of Kissinger McLarty Associates, a strategic advisory firm chaired by former Secretary of State Henry Kissinger.