A 50-Year Retrospective On The Shadow Open Market Committee And Its Role In Monetary Policy

6:00 – 7:00 PM 

RECEPTION 

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7:00 PM

Welcoming Remarks 

Keynote Speaker
“Rules Versus Discretion Over the Last 50 Years”

Michael Bordo, Hoover Institution and Rutgers University

John Taylor, Hoover Institution and Stanford University
(slides)

7:20 PM

DINNER

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7:15 – 8:05 AM

BREAKFAST 

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8:05 AM 

Welcome

Condoleezza Rice, Director, Hoover Institution 

8:15 AM

The Evolution of Monetary Policy: Critical Issues That Have Shaped Monetary Policy and the SOMC Over 50 Years

Moderator: Gregory Hess, IES Global

Paper: Michael Bordo, Hoover Institution and Rutgers University, and
Mickey Levy, Hoover Institution (paper) (slides)

Discussants: David Wheelock, Federal Reserve Bank of St. Louis (paper) (slides) 
George Tavlas, Bank of Greece (virtual) (paper) (slides)

9:15 AM

Influences of the SOMC and Monetarism in Europe and the United Kingdom

Moderator: Charles Plosser, Hoover Institution and former president of the Federal Reserve Bank of Philadelphia

Panelists: Georg Rich, former director of the Swiss National Bank (paper) (slides)
Axel Weber, former president of the Deutsche Bundesbank (virtual) (slides)
Charles Goodhart, former special advisor to the Bank of England (virtual) (slides)
Otmar Issing, former chief economist of the Deutsche Bundesbank and the European Central Bank (virtual) (paper)

10:30 AM 

Break

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10:45 AM 

The Search for a Nominal Anchor 

Moderator: Kevin Warsh, Hoover Institution

Panelists: Peter Ireland, Boston College (paper) (slides)
Gregory Hess, IES Abroad (paper) (slides)
Robert Hetzel, George Mason University and formerly Federal Reserve Bank of Richmond (paper)

11:45 AM – 12:00 PM

Room Transition: Proceed to lunch venue

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12:00–1:15 PM 

LUNCH

Keynote Speech

Presenter: Christopher Waller, governor, Board of Governors of the Federal Reserve Systems (speech)

Moderator: Athanasios Orphanides, Massachusetts Institute of Technology

1:15 – 1:30 PM 

Room Transition: Proceed to Conference Auditorium

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1:30 PM 

The Fed’s Evolving Interpretation and Implementation of Its Mandate

Moderator: Steve Davis, Hoover Institution

Panelists: Athanasios Orphanides, Massachusetts Institute of Technology (slides)
Andrew Levin, Dartmouth College
James Bullard, dean, Purdue University Business School and former president of the Federal Reserve Bank of St. Louis

2:30 PM

The Conduct of Monetary Policy: Evolution from Free Reserves to the Corridor and Floor Systems

Moderator: Robert King, Boston University

Panelists: Loretta Mester, University of Pennsylvania and former president of the Federal Reserve Bank of Cleveland (paper) (slides)
William Nelson, Bank Policy Institute, formerly Board of Governors of the Federal Reserve System (paper) (slides)
Darrell Duffie, Graduate School of Business, Stanford University (slides)

3:30 PM 

Break

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3:45 PM

Panel on Monetary-Fiscal Issues

Moderator: Michael Boskin, Hoover Institution and Stanford University

Panelists: John Cochrane, Hoover Institution (slides)
Charles Plosser, Hoover Institution and former president of the Federal Reserve Bank of Philadelphia
Deborah Lucas, Massachusetts Institute of Technology (slides)
Patrick Kehoe, Stanford University (slides)

5:00 PM

From the “Lender of Last Resort” to “Too Big to Fail” to “Financial System Savior”

Moderator: Thomas Hoenig, George Mason University and former president, Federal Reserve Bank of Kansas City and vice chair FDIC

Paper: Jeffrey Lacker, George Mason University and former president, Federal Reserve Bank of Richmond (paper) (slides)

Discussants: Amit Seru, Hoover Institution and Stanford University (slides)
Charles Calomiris, professor emeritus, Columbia University (slides)

6:00 PM

Concluding Remarks

Mickey Levy, Hoover Institution

6:05 – 6:30 PM

RECEPTION

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6:30 – 6:45 PM

Room Transition: Proceed to dinner venue

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6:45 PM 

Panel on the Influences of the SOMC and Others Outside the Fed

Moderator: Deborah Lucas, Massachusetts Institute of Technology

Panelists: Donald Kohn, Brookings Institution and former vice chair, Board of Governors of the Federal Reserve System
Roger Ferguson, Council on Foreign Relations and former vice chair, Board of Governors of the Federal Reserve System (paper)
Robert Heller, former governor, Board of Governors of the Federal Reserve System (paper) (slides)
Esther George, former president, Federal Reserve Bank of Kansas City (paper)

7:45 PM 

DINNER

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8:30 PM

CONFERENCE ADJOURNS

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