Strategies For Monetary Policy: A Policy Conference

Friday, May 3, 2019
Hoover Institution, Stanford University
Federal Reserve

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.


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

Models, Markets, and Monetary Policy

Richard Clarida, Vice Chair, Federal Reserve Board 


9:15 AM

How Detrimental to Policy Rules is the Zero Bound?

Kenneth Rogoff, Harvard University

Andrew T. Levin, Dartmouth College

Chair: Michael Bordo, Rutgers University and Hoover Institution

10:30 am



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)

Monika Piazzesi, Stanford University

Chair: Kevin Warsh, Hoover Institution

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

Macro and Micro Balance Sheet Issues

James Hamilton, University of California, San Diego

Peter Ireland, Boston College

Chair: Adrien Auclert, Stanford University

3:00 PM


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3:15 PM

Panel on "The Interaction of Markets and Policy"

Laurie Hodrick, Hoover Institution
Mickey Levy, Berenberg Capital Markets
Scott Minerd, Guggenheim Partner

Chair: George Shultz, Hoover Institution

4:30 PM


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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


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6:30 PM

Reception and Dinner - Is Current Policy Strategic and Robust?

Volker Wieland, Goethe University (with John Cochrane and John Taylor)

David Papell, University of Houston


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

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