Strategies For Monetary Policy: A Policy Conference

Friday, May 3, 2019
Hoover Institution, Stanford University
ABOUT THE CONFERENCE

Two related questions are central to an evaluation the Fed’s monetary policy strategy. First, how robust is the strategy? Second, can the strategy be improved by altering the degree of data dependence, by reconsidering monetary tools or instruments, or by changing communications about the strategy? The aim of this policy conference is to present relevant research developments and debate these and other crucial policy questions. The conference is meant to be complementary to other reviews of monetary policy this year. The conference consists of formal presentations, policy panels, and in-depth discussions by academic researchers, market participants, members of the media, and monetary policy makers.

This conference is by invitation only. A reception and dinner will be held from 6 pm to 8 pm on May 2. Click the links under "CONTENT" to watch the livestream of the conference. As they become available, links to papers and remarks will be posted under "PRESENTERS/PANELISTS" and links to discussions will be posted under "DISCUSSANT/CHAIR."

FRIDAY, MAY 3

Time Content Presenters/panelists Discussant/CHAIR
8:30 AM

Models, Markets, and Monetary Policy

Richard Clarida, Vice Chair, Federal Reserve Board 

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9:15 AM

How Detrimental to Policy Rules is the Zero Bound?

Kenneth Rogoff, Harvard University (joint with Andrew Lilley, Harvard University)
The Case for Implementing Effective Negative Interest Rate Policy

Andrew T. Levin, Dartmouth College
Comments on “The Case for Implementing Effective Negative Interest Rate Policy”

Chair: Michael Bordo, Rutgers University and Hoover Institution

10:30 am

Break

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10:45 am

Tying Down the Anchor: Monetary Policy Rules and the Lower Bound on Interest Rates

John Williams, President, Federal Reserve Bank of New York (joint with Thomas Mertens, Federal Reserve Bank of San Francisco)
Tying Down the Anchor: Monetary Policy Rules and the Lower Bound on Interest Rates

Monika Piazzesi, Stanford University

Chair: Kevin Warsh, Hoover Institution
Tying Down the Anchor: The Task Gets Tougher 

12:00-1:30 pm

Lunch - Milton Friedman and the Long History of Monetary Policy Rules

Jennifer Burns, Stanford University

Chair: Michelle Bowman, Governor, Federal Reserve Board

1:45 pM

Perspectives on U.S. Monetary Policy Tools and Instruments

James Hamilton, University of California, San Diego
Perspectives on U.S. Monetary Policy Tools and Instruments

Peter Ireland, Boston College
Comments on James Hamilton’s “Perspectives on U.S. Monetary Policy Tools and Instruments”

Chair: Adrien Auclert, Stanford University

3:00 PM

Break

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3:15 PM

Panel on "The Interaction of Markets and Policy"

Laurie Hodrick, Hoover Institution
The Interaction of Markets and Policy: A Corporate Finance Perspective

Mickey Levy, Berenberg Capital Markets
The Fed and Financial Markets: Suggestions to Improve an Unhealthy Relationship

Scott Minerd, Guggenheim Partner

Chair: George Shultz, Hoover Institution

4:30 PM

Break

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4:45 PM

Policy Panel on "Monetary Strategies in Practice"

James Bullard, President, Federal Reserve Bank of St. Louis

Mary Daly, President, Federal Reserve Bank of San Francisco

Robert Kaplan, President, Federal Reserve Bank of Dallas

Loretta Mester, President, Federal Reserve Bank of Cleveland 

Chair: Charles Plosser, Hoover Institution

6:15 PM

Adjourn

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6:15 PM

Reception and Dinner - Is Current Policy Strategic and Robust?

Volker Wieland, Goethe University (with John Cochrane and John Taylor)
Evaluating Rules in the Fed’s Report and Measuring Discretion

David Papell, University of Houston
Evaluating Rules in the Fed’s Report and Measuring Deviations

 

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