## 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](register.html) 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](/people/dorn.html)** 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 [Download video of the Panel Discussion](https://cdn.cato.org/archive-2008/cc-11-19-08-01.mp4) [Download a podcast of the Panel Discussion](https://cdn.cato.org/archive-2008/cca-11-19-08-1.mp3) |
| 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](/people/lawrence-white/)** F. A. Hayek Professor of Economic History University of Missouri-St. Louis [Download video of the Panel Discussion](https://cdn.cato.org/archive-2008/cc-11-19-08-02.mp4) [Download a podcast of the Panel Discussion](https://cdn.cato.org/archive-2008/cca-11-19-08-2.mp3) |
| 11:30 a.m. — 12:45 p.m. | Panel 2: Financial Innovation and Monetary Policy Moderator: **[Alan Reynolds](/people/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. [Download video of the Panel Discussion](https://cdn.cato.org/archive-2008/cc-11-19-08-03.mp4) [Download a podcast of the Panel Discussion](https://cdn.cato.org/archive-2008/cca-11-19-08-3.mp3) |
| 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 [Download video of the Panel Discussion](https://cdn.cato.org/archive-2008/cc-11-19-08-04.mp4) [Download a podcast of the Panel Discussion](https://cdn.cato.org/archive-2008/cca-11-19-08-4.mp3) |
| 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.](/people/gerald-odriscoll/)** Senior Fellow, Cato Institute **Kevin Dowd** Professor of Financial Risk Management Nottingham University [Download video of the Panel Discussion](https://cdn.cato.org/archive-2008/cc-11-19-08-05.mp4) [Download a podcast of the Panel Discussion](https://cdn.cato.org/archive-2008/cca-11-19-08-5.mp3) |
| 3:30 — 3:45 p.m. | Break |
| 3:45 — 5:00 p.m. | Panel 4: The Way Forward Moderator: **[ Steve H. Hanke](/people/steve-hanke/)** Professor of Applied Economics, The Johns Hopkins University **[William Poole](/people/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 [Download video of the Panel Discussion](https://cdn.cato.org/archive-2008/cc-11-19-08-06.mp4) [Download a podcast of the Panel Discussion](https://cdn.cato.org/archive-2008/cca-11-19-08-6.mp3) |
| 5:00 — 6:00 p.m. | Reception |