Rethinking Monetary Policy Amid Uncertainty - Part 1

Part 1 of the Shadow Open Market Committee's (SOMC) Fall 2016 Meeting. The keynote address was delivered by Loretta Mester, President of the Federal Reserve Bank of Cleveland (part 3).

The SOMC, under the auspices of the Manhattan Institute, is an independent group of economists that provides external perspectives on policy choices by the Fed and other leading central banks. The SOMC addresses a wide range of macroeconomic issues, including monetary policy, banking and financial regulations, and fiscal-policy matters that bear on monetary-policy decisions.

Introduction: Marvin Goodfriend, Carnegie Mellon University

Panel 1: The Zero Lower Bound, Theory and Practice

Moderator: Michael Bordo, Rutgers University

Unencumbering Interest Rate Policy at the Zero Bound:
Marvin Goodfriend, Carnegie Mellon University

The ZLB Challenge with an Unknown Natural Rate of Interest:
Athanasios Orphanides, Massachusetts Institute of Technology

The Shadow Open Market Committee (SOMC) was founded in 1973 by Prof. Karl Brunner of the University of Rochester and Prof. Allan Meltzer of Carnegie-Mellon University. The SOMC is an independent organization whose members are drawn from academic institutions and private organizations. The original objective of the SOMC was to evaluate the policy choices and actions of the Federal Reserve’s Open Market Committee (FOMC).