At the March 6, 2020 meeting of the Shadow Open Market Committee (SOMC), the group discussed the legacy of former member Marvin Goodfriend. The SOMC is an independent organization whose members are drawn from academic institutions and private organizations. It meets twice a year to present and debate position papers on a variety of macroeconomic and public policy topics.
Agenda
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9:00-9:05 a.m. Introductory remarks
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9:05-9:20 a.m. Remarks by Robert King
Remarks by King included in video of panel discussion, "Transparency and Communications"
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9:20-10:50 a.m. Panel Discussion: Transparency and Communications
Chair:
Gregory Hess, Wabash College
Discussants:
Charles Calomiris, Columbia Business School
Charles Evans, Federal Reserve Bank of Chicago
Donald Kohn, Brookings Institution
Loretta Mester, Federal Reserve Bank of Cleveland -
10:50-11:20 a.m. Break
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11:20 a.m.-12:50 p.m. Panel Discussion: Inflation Targeting and Rules-Based Policy
Chair:
Charles Plosser, Federal Reserve Bank of Philadelphia (retired)
Discussants:
James Bullard, Federal Reserve Bank of St. Louis
Peter Ireland, Boston College
Athanasios Orphanides, MIT Sloan School of Management
John Taylor, Stanford University -
12:50-1:45 p.m. Lunch
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1:45-2:00 p.m. Remarks by Al Broaddus, Federal Reserve Bank of Richmond (retired)
Remarks of Broaddus included in video of panel discussion, "Monetary Policy and the Zero Lower Bound"
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2:00-3:10 p.m. Panel Discussion: Monetary Policy and the Zero Lower Bound
Chair:
Michael Bordo, Rutgers University
Discussants:
Andrew Levin, Dartmouth College
Eric Rosengren, Federal Reserve Bank of Boston
John Williams, Federal Reserve Bank of New York -
3:10-3:40 p.m. Break
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3:40-4:50 p.m. Panel Discussion: The Fed’s Balance Sheet and Credit Policy
Chair:
Mickey Levy, Berenberg Capital Markets, LLC
Discussants:
Esther George, Federal Reserve Bank of Kansas City
Deborah Lucas, MIT Sloan School of Management
William Poole, Federal Reserve Bank of St. Louis (retired) -
4:50-5:00 p.m. Closing Remarks