Cato Institute 25th Annual Monetary Conference logo

Cato Institute 24th Annual Monetary Conference

Federal Reserve Policy in the Face of Crises


Thursday, November 16, 2006
F.A. Hayek Auditorium
Cato Institute
8:00 a.m. – 5:00 p.m.

| About the Conference | Conference Schedule |

Randall S. Kroszner William Poole Anna J. Schwartz Robert J. Barro
Randall S. Kroszner
Federal Reserve Board
William Poole
Federal Reserve Bank
of St. Louis
Anna J. Schwartz
National Bureau of
Economic Research
Robert J. Barro
Harvard University

The U.S. twin deficits, huge unfunded liabilities in Social Security and Medicare, and incipient inflation are eroding the foreign-exchange value of the dollar and its role as a reserve currency. What, if anything, should the Fed do? The uncertainty surrounding Fed policy in the post-Greenspan era stems from the lack of a formal monetary rule and no clear guidelines on whether and how the Fed should respond to crises.

This year's monetary conference will address the following issues:

  • How should the Fed respond to growing global imbalances and a falling dollar?

  • Is global competition sufficient to discipline central banks?

  • Did the Greenspan Fed err by providing too much liquidity in the face of crises and then overshooting in withdrawing that liquidity?

  • How will the growing unfunded liabilities in Social Security and Medicare affect monetary policy?

  • Should the Fed adopt inflation targeting?

Please join our distinguished speakers on November 16, at the Cato Institute, to discuss these and other important policy issues that confront the Bernanke Fed.

Conference Schedule

8:00 - 9:00 a.m. Registration — F. A. Hayek Auditorium Foyer

9:00 - 9:10 a.m. Welcoming Remarks — F. A. Hayek Auditorium

ipodDownload a Podcast of the Welcoming Remarks and Keynote (MP3)

James A. Dorn
Vice President for Academic Affairs,
Cato Institute

9:10 - 9:45 a.m. Keynote Address
Randall S. Kroszner*
Board of Governors,
Federal Reserve System

Randall S. Kroszner's remarks

9:45 - 11:00 a.m. Panel 1: Responding to Financial Crises: What Role for the Fed?

ipodDownload a Podcast of Panel 1 (MP3)

Moderator: George Melloan
Author and former op-ed columnist,
Wall Street Journal

William Poole
President, Federal Reserve Bank of St. Louis

Draft of William Poole's remarks

Anna J. Schwartz
Research Associate, National Bureau of Economic Research

Draft of Anna J. Schwartz's remarks

Jeffrey A. Frankel
James W. Harpel Professor of Capital Formation and Growth, Harvard University

Draft of Jeffrey A. Frankel's remarks

William A. Niskanen
Chairman, Cato Institute

Draft of William A. Niskanen's remarks
Graph

11:00 - 11:15 a.m. Break

11:15 a.m. - 12:30 p.m. Panel 2: The Global Financial System: A Source of Strength or Weakness?

ipodDownload a Podcast of Panel 2 (MP3)

Moderator: Alan Reynolds
Senior Fellow, Cato Institute

Peter B. Kenen
Walker Professor of Economics and International Finance Emeritus,
Princeton University; Senior Fellow in International Economics,
Council on Foreign Relations

Draft of Peter B. Kenen's remarks

Eswar Prasad
Head, Financial Studies Division, International Monetary Fund

Draft of Eswar Prasad's remarks

Kristin J. Forbes
Associate Professor of International Management, MIT

Draft of Kristin J. Forbes's remarks

Benn Steil
Director of International Economics, Council on Foreign Relations

Draft of Benn Steil's remarks

12:30 - 1:30 p.m. Luncheon — Wintergarden

1:30 - 2:30 p.m. Panel 3: The Growing Fiscal Imbalance and the Future of Monetary Policy

ipodDownload a Podcast of Panel 3 (MP3)

Moderator: Mickey Levy
Chief Economist, Bank of America

David Malpass
Chief Economist, Bear Stearns

Draft of David Malpass's remarks

Douglas Holtz-Eakin
Paul A.Volcker Chair in International Economics, Council on Foreign Relations

Draft of Douglas Holtz-Eakin's remarks

Jagadeesh Gokhale
Senior Fellow, Cato Institute

Draft of Jagadeesh Gokhale's remarks

2:30 - 2:45 p.m. Break

2:45 - 3:45 p.m. Panel 4: Is Inflation Targeting Suitable for the United States?

ipodDownload a Podcast of Panel 4 (MP3)

Moderator: William A. Niskanen
Chairman, Cato Institute

Bennett T. McCallum
H. J. Heinz Professor of Economics, Carnegie Mellon University

Draft of Bennett T. McCallum's remarks

Lawrence H. White
F. A. Hayek Professor of Economic History, University of Missouri – St. Louis

Draft of Lawrence H. White's remarks

Robert Hetzel
Senior Economist, Federal Reserve Bank of Richmond

Draft of Robert Hetzel's remarks

3:45 - 4:15 p.m. Closing Address

ipodDownload a Podcast of Closing Remarks (MP3)

Robert J. Barro
M. Warburg Professor of Economics, Harvard University

Draft of Robert J. Barro's remarks

4:15 - 5:00 p.m. Reception — Wintergarden