Frameworks for Central Banking in the Next Century

Thursday, May 29, 2014 to Friday, May 30, 2014
Hoover Institution
Economic Growth Concept
Image credit: 
ktsdesign, Shutterstock

Background: The main unifying theme of the conference is that successful policy requires that central bankers’ decisions be based on clearly-understood rules—including legal limits, institutional structures, mandates, traditions, procedures, or formulas—and not solely on discretion. The main aim of the conference is a set of policy-focused recommendations for the rules, limits, guidance, structure and communications of central-bank policy-making based on data, theory and history of the past 100 years.

12:00 to 12:45 PM Registration and casual lunch
12:45 to 1:00 PM Opening Remarks, John B. Taylor
1:00 to 2:00 PM John Cochrane, Monetary Policy with Interest on Reserves.
Discussant: Edward Prescott
2:00 to 3:00 PM David Papell, Deviations from Rules-Based Policy and Their Effects
Discussant: Monika Piazzesi
3:00 to 3:30 PM Coffee
3:30 to 4:30 PM Marvin Goodfriend, Lessons from a Century of Fed Policy: Why Monetary and Credit Policies Need Rules and Boundaries
Discussant: Athanasios Orphanides 
4:30 to 5:30 PM Panel Discussion on the Methodology of Economic History for Evaluating Monetary Policy
Panelists: Barry Eichengreen, Niall Ferguson, Allan Meltzer, Chair: Michael Bordo     
6:30 PM Reception and Dinner at Stanford Park Hotel
Dinner Remarks, Esther George, President, Federal Reserve Bank of Kansas City      
8:00 to 8:30 AM Continental Breakfast
8:30 to 9:30 AM Lee Ohanian, Monetary Policy in the Midst of Big Shocks
Discussant: Martin Schneider     
9:30 to 10:30 AM Andrew Levin, The Design and Communication of Systematic Monetary Policy Strategies
Discussant: Otmar Issing     
10:30 to 11:00 AM Coffee     
11:00 AM to 12:00 PM Michael Bordo, Rules for a Lender of Last Resort: An Historical Perspective
Discussant: Jeff Lacker     
12:00 to 1:00 PM Lunch     
1:00 to 2:00 PM Richard Clarida, Monetary Policy in Open Economies: Practical Perspectives for Pragmatic Central Bankers
Discussant: Maurice Obstfeld     
2:00 to 3:00 PM Rules-Based Policy: From Theory to Practice
Panelists: Charles Plosser, Thomas Sargent, John Williams, Chair: George Shultz
3:00 PM Adjourn

You can download a PDF of the agenda here and of the speaker bios here.

The conference was well covered by several news sources. A selection of the coverage is available below, or see the conversation on Twitter:


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