Monetary Policy


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The Future of Fed’s Balance Sheet: A Policy Workshop

Thursday, March 7, 2019
Annenberg Conference Room, Lou Henry Hoover Building

The Federal Open Market Committee announced on January 30 that it “intends to continue to implement monetary policy in a regime in which an ample supply of reserves ensures that control over the level of the federal funds rate and other short-term interest rates is exercised primarily through the setting of the Federal Reserve's administered rates, and in which active management of the supply of reserves is not required.” Statement Regarding Monetary Policy Implementation and Balance Sheet Normalization. 

In the News

History Suggests The Fed Shouldn't Have Paused Rate Hikes

quoting Niall Fergusonvia Financial Review
Tuesday, March 5, 2019

What the hell is going on at the Fed? In December chairman Jay Powell raised rates for the fourth time, and seemed determined to keep lifting rates come hell or high water. The calamitous final few months in markets in 2018 was to a large degree down to investors finally getting to the grips with the fact that the Fed was not about to ride in and save them.

In the News

The Taylor Rule: An Economic Model For Monetary Policy

featuring John B. Taylorvia Investopedia
Saturday, February 23, 2019

The Taylor Rule is an interest rate forecasting model invented by famed economist John Taylor in 1992 and outlined in his 1993 study, "Discretion Versus Policy Rules in Practice." It suggests how central banks should change interest rates to account for inflation and other economic conditions.

Federal Reserve

Strategies For Monetary Policy: A Policy Conference

Friday, May 3, 2019
Hoover Institution, Stanford University

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.


Policy Seminar with Michael Bordo

Thursday, January 24, 2019
Annenberg Conference Room, Lou Henry Hoover Building

Michael Bordo, Board of Governors Professor of Economics and director of the Center for Monetary and Financial History at Rutgers University, New Brunswick, and Distinguished Visiting Fellow at the Hoover Institution, discussed “The Imbalances of the Bretton Woods System 1965 to 1973: U.S. Inflation - The Elephant in the Room.”

In the News

British Financial Historian Niall Ferguson Says Bitcoin Is “An Option On Digital Gold”

quoting Niall Fergusonvia Cryptosumer
Wednesday, February 13, 2019

Niall Ferguson, British economic and financial historian, believes that Bitcoin (BTC) is “an option on digital gold,” as he said in an interview with a blockchain magazine Breaker Mag on Feb. 13.


On The Third Rail

by Budget Mattersvia America Off Balance
Wednesday, February 13, 2019

Social Security is unique among federal programs. It receives near-universal support, on the right and the left, so it easy to score political points by vilifying any proposed reform. The last major reform to the program took place nearly four decades ago. Still, all is not well with the much-beloved program.


John Taylor: The Fed Must Pay Attention To The State Of The Economy

interview with John B. Taylorvia CNBC
Monday, January 28, 2019

Hoover Institution fellow John Taylor notes that the Fed must pay attention to the economy when deciding whether to raise rates.

Blank Section (Placeholder)Analysis and Commentary

George Gilder: Forget Cloud Computing, Blockchain Is The Future

interview with George Gildervia Uncommon Knowledge
Monday, September 24, 2018

Author of Life After Google: The Fall of Big Data and the Rise of the Blockchain Economy, George Gilder on the future of technology.

Thomas Sowell discusses Intellectuals and Society on Uncommon Knowledge.

Thomas Sowell discusses his essay “‘Trickle Down Theory’ and ‘Tax Cuts for the Rich.’”

with Thomas Sowellvia Uncommon Knowledge
Monday, September 17, 2012

This week on Uncommon Knowledge, Hoover fellow and author Thomas Sowell discusses his essay “‘Trickle Down Theory’ and ‘Tax Cuts for the Rich.’” (39:52)
“Now anyone who studied history knows that for the first 150 years of this country the federal government did not intervene when the economy turned down. And all that time the downturns all corrected themselves; one of the most classic examples was under Warren G. Harding when, during his first year in office, he found the unemployment rate at 11.7 percent. He did absolutely nothing; he did not spend more government money, he cut back on spending. The Federal Reserve had the interest rates up at 6 or 7 percent, not down at 1 percent, where they are now. The next year unemployment was at 6.7 percent; the year after that it was 2.4 percent. So the economy has recuperative powers. I mean employers have an incentive to hire people. Workers have an incentive to get jobs. Lenders have incentives to lend.”


Economic Policy Working Group

The Working Group on Economic Policy brings together experts on economic and financial policy to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals.

Milton and Rose Friedman: An Uncommon Couple