Cato Institute 26th Annual Monetary Conference

Lessons from the Subprime Crisis


Wednesday, November 19, 2008
F.A. Hayek Auditorium
Cato Institute
8:00 a.m. – 5:00 p.m.

Featured Speakers

         
Donald L. Kohn
Vice Chairman,
Board of Governors,
Federal Reserve System
Anna J. Schwartz
Research Associate,
National Bureau of
Economic Research
Otmar Issing
Former Member,
Executive Board
European Central Bank
Jeffrey M. Lacker
President,
Federal Reserve
Bank of Richmond
William Poole
former President,
Federal Reserve
Bank of St. Louis

Cato's 26th Annual Monetary Conference will provide an in-depth treatment of the Lessons from the Subprime Crisis, which some view as the worst financial crisis since the Great Depression. Leading experts will discuss the underlying causes of the loss of confidence, particularly the policies that contributed to the subprime crisis and the reforms needed to avoid future turmoil in financial markets.

Issues to be discussed at this year's monetary conference include:

  • What responsibility does the Fed have for the subprime crisis?

  • What are the limits of monetary policy?

  • How can financial and monetary rules be improved to reduce moral hazard and improve financial stability?

  • Can the Fed prevent asset bubbles?

Please join our distinguished speakers on November 19 at the Cato Institute to discuss what can be learned form the U.S. subprime crisis and how best to avoid future financial crises by improving the policy framework and strengthening private markets. Register by October 20 to ensure your place at this important event and to take advantage of the early registration fee.

Space is limited.

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

9:10 - 10:00 a.m. Keynote Address
Donald L. Kohn
Vice Chairman, Board of Governors, Federal Reserve System








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10:00 - 11:15 a.m.

Panel 1: Asset Market Bubbles and Fed Policy

Moderator: Clive Crook
Washington Columnist, Financial Times

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

John H. Makin
Principal, Caxton Associates, LLC, and
Visiting Scholar, American Enterprise Institute

Otmar Issing
Former Member, Executive Board
European Central Bank

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








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11:30 a.m. - 12:45 p.m. Panel 2: Financial Innovation and Monetary Policy

Moderator: Alan Reynolds
Senior Fellow, Cato Institute

Brian S. Wesbury
Chief Economist, First Trust Portfolios, L.P

Charles W. Calomiris
Henry Kaufman Professor of Financial Institutions
Columbia University

Roger Garrison
Professor of Economics, Auburn University

Bert Ely
President, Ely & Company, Inc.








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12:45 - 1:30 p.m. Luncheon — Wintergarden

1:30 - 2:15 p.m.

Luncheon Address — F. A. Hayek Auditorium

Jeffrey M. Lacker
President, Federal Reserve Bank of Richmond








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2:15 - 3:30 p.m. Panel 3: Moral Hazard and the Limits of Monetary Policy

Moderator: Mickey D. Levy
Chief Economist, Bank of America

Wolfgang Münchau
Associate Editor, Financial Times

Andrew Samwick
Professor of Economics, Dartmouth College

Gerald P. O'Driscoll Jr.
Senior Fellow, Cato Institute

Kevin Dowd
Professor of Financial Risk Management
Nottingham University








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3:30 - 3:45 p.m. Break

3:45 - 5:00 p.m.

Panel 4: The Way Forward

Moderator: Steve H. Hanke
Professor of Applied Economics,
The Johns Hopkins University

William Poole
Senior Fellow, Cato Institute, and Former President
Federal Reserve Bank of St. Louis

Allan H. Meltzer
The Allan H. Meltzer University Professor of Political Economy
Carnegie Mellon University

Jeffrey A. Miron
Senior Lecturer in Economics
Harvard University







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5:00 - 6:00 p.m.

Reception