Yuriy Gorodnichenko, the Quantedge Presidential Professor of Economics at UC Berkeley, discussed “The Voice of Monetary Policy,” a paper with Tho Pham (University of Reading) and Oleksandr Talavera (University of Birmingham). John Taylor, the Mary and Robert Raymond Professor of Economics at Stanford University and the George P. Shultz Senior Fellow at the Hoover Institution, was the moderator.

The world economy has recently been experiencing highly volatile foreign exchange and capital markets, a spread of unusual monetary policy actions, and disappointing growth and stability. These developments have led to a host of policy proposals ranging from reforms of the international monetary system built on rules-based monetary policy in each country to more interventions in the form of capital controls, exchange market actions, and macro-prudential regulations. The aim of the conference is to examine these recent developments and consider policy options.

John C. Williams, President of the Federal Reserve Bank of New York discussed “The FOMC's New Policy Framework” with John Taylor moderating.

Frank Smets, Director General of the European Central Bank, presented his paper "The Euro Area: Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases, and Fiscal Stimulus in a Low-Interest-Rate Environment,” with Gunter Coenen and Carlos Montes- Galdon). Monika Piazzesi, the Joan Kenney Professor of Economics at Stanford, was the discussant and John Taylor, the Mary and Robert Raymond Professor of Economics at Stanford University, and the George P. Shultz Senior Fellow at the Hoover Institution, was the moderator.

Friday, October 10, 1997 Hoover Institution Stanford University 8:30 am Continental Breakfast, 9:00 am WELCOME Dr. John Raisian Director, Hoover Institution   9:05 am INTRODUCTION Some Issues in Understanding Economic Growth--Prof. Michael J. Boskin ...

Tim Kane, JP Conte Fellow in Immigration Studies at Hoover, discussed his research for his forthcoming Hoover Press book, Total Volunteer Force, that offers a blueprint for Pentagon personnel reform, including the Leader/Talent analytical survey and reform ideas for jobmatching, compensation, and performance reviews.

Severe stress in the financial markets has given rise to a host of unprecedented actions by the Federal Reserve, including the Bear Stearns intervention, new lending facilities for primary dealers, and a decision to authorize the Fed to lend to Fannie Mae and Freddie Mac should such lending become necessary. 

Erik Hurst, V. Duane Rath Professor of Economics at the University of Chicago, and Deputy Director of the Becker Friedman Institute, talked about “The Transformation of Manufacturing and the Decline in U.S. Employment.”