SOMC Fall Meeting: Have We Dodged the Bullets?

Friday, October 20, 2023
9:00 AM – 1:30 PM

Please join us for a meeting of the Shadow Open Market Committee (SOMC), hosted by the Manhattan Institute. This meeting will feature keynote remarks from Loretta Mester, President of the Federal Reserve Bank of Cleveland. Across several panels, SOMC members will discuss critical issues facing the Federal Reserve, including monetary policy and bank regulation and supervision.

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Welcoming Remarks

  • Charles Plosser, former President, Federal Reserve Bank of Philadelphia

Panel I: Reflections on the Recent Banking Crisis

  • Deborah Lucas, Massachusetts Institute of Technology, “Rules for Regulating Banks:  Establishing Guidelines and Incentives”
  • Charles Calomiris, University of Austin, ”Lessons of the Recent Banking Crisis for Regulation and Supervision”
  • Roundtable with SOMC members
  • Jeffrey Lacker, former President, Federal Reserve Bank of Richmond (moderator)

Panel II: Issues in Monetary Policy

  • Peter Ireland, Boston College, “U.S. Monetary Policy, 2020-2023:  Putting the Quantity Theory to the Test”
  • Michael Bordo, Rutgers University and the Hoover Institution, “Monetary Aggregates Still  Matter”
  • Athanasios Orphanides, Massachusetts Institute of Technology, “Has the Fed Escaped the Forward Guidance Trap?”
  • Roundtable with SOMC members
  • Gregory Hess, IES Abroad (Moderator)

Luncheon and Keynote Address

  • Loretta Mester, President, Federal Reserve Bank of Cleveland
  • Mickey Levy, Berenberg Capital Markets (moderator)

Concluding Remarks