For the first time ever the Fed is undertaking a thorough academic review of its policy strategy, tools, and communication practices. The reviewers are some 30 academic experts on monetary policy and macroeconomics. Listen to Peter Hooper, Global Head of Economic Research, discussing the background to the review, the low-rate monetary policy and what a downturn could mean for financial stability.
Fed conference held in Chicago was historic in its scope and coverage.
The Fed conference held this June was inspired by Chair Powell and organized by Vice Chair Clarida and Staff Adviser Ellen Meade. It was actually the seventh (and crown jewel) of 12 “Fed Listens” conferences scheduled this year at each of the reserve banks as part of the Fed’s broader policy review process. The purpose of this conference was for the first time ever to undertake a thorough academic review of the Fed’s policy strategy, tools, and communication practices. The reviewers (authors and discussants of seven papers presented) were some 30 academic experts on monetary policy and macroeconomics. The Fed’s plan going forward is to complete the review this year and decide on/announce some possible changes in policy practices in the first half of next year.
Conference participants included the current FOMC leadership and a substantial majority of Committee members, previous Fed leadership, more than 50 top Fed staff from around the Federal Reserve System, 40 or more academics including the paper authors and discussants, much of the Fed press corps, and about a dozen Fed-watchers. The full proceedings of the conference are available in video on-line here or listen to the highlights in a new edition of Podzept.
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