How Monetary Policy Got Behind The Curve And How To Get Back: A Policy Conference

Friday, May 6, 2022
Hoover Institution, Stanford University

The 2022 Hoover Institution monetary conference will focus on key questions that are integral to the recent discussions of ongoing monetary policy and strategies. A key goal is to examine how monetary policy got so far behind the curve following the pandemic, how to get back on track and thereby how to reduce the skyrocketing inflation without slowing down economic growth. Other policy issues—fiscal policy, price shocks, military conflict, exchange rates, the international monetary system—that are related to central bank strategies will figure into the analysis. This is a policy-oriented conference consisting of formal presentations, policy panels, and in-depth discussions. The conference builds on previous Hoover monetary conferences going back, for example, to 2009 and 2014. Background papers will be provided in advance of the conference.

This conference is by invitation only.


Time Content Presenters/panelists Discussant/CHAIR

8:15 AM

Welcome and Opening Remarks

Condoleezza Rice, Director, Hoover Institution


8:30 AM

Panel 1: What Monetary Policy Rules and Strategies Say

Richard Clarida, Columbia University, former Governor, Federal Reserve Board

Lawrence Summers, Harvard University

John Taylor, Stanford University

Chair: Tom Stephenson, Chairman, Board of Overseers, Hoover Institution

9:45 am

Panel 2: Fiscal Policy and Other Explanations

John Cochrane, Stanford University

Tyler Goodspeed, Stanford University

Beth Hammack, Goldman Sachs

Chair: Charles Plosser, former President, Federal Reserve Bank of Philadelphia
11:00 am




11:15 Am

Paper 1: The Fed’s Delayed Exits from Monetary Ease

Michael Bordo, Rutgers University

Mickey Levy, Berenberg Capital Markets, LLC

Lead Discussant: Jennifer Burns, Stanford University

Chair: Kevin Warsh, Stanford University

12:30 - 1:30pM


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1:30 PM

Paper 2: Inflation Risks

Ricardo Reis, London School of Economics

Lead Discussant: Volker Wieland, Goethe University, Frankfurt

Chair: Arvind Krishnamurthy, Stanford University

2:45 PM

Paper 3: Three World Wars: Fiscal-Monetary Consequences

George Hall, Brandeis University and Thomas Sargent, New York University

Lead Discussant: Ellen McGrattan, University of Minnesota

Chair: John Lipsky, Johns Hopkins University

4:00 PM


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4:15 PM Panel 3: Toward a Monetary Policy Strategy

James Bullard, President, Federal Reserve Bank, St Louis

Randal Quarles, The Cynosure Group, former Governor, Federal Reserve Board

Christopher Waller, Governor of the Federal Reserve Board

Chair: Joshua Rauh, Stanford University

5:30 PM


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6:00 PM Dinner - Inflation Blues: The 40th Anniversary Reissue?

Monika Piazzesi, Stanford University



If you have any questions about the event, contact Marie-Christine Slakey at slakey [at]