A Fed for Next Time: Ideas for a Crisis‐Ready Central Bank
Featuring Sir Paul Tucker, chair of the Systemic Risk Council and former deputy governor of the Bank of England; Elga Bartsch, Head of Macro Research, BlackRock; Peter Stella, former Head of the International Monetary Fund’s Central Banking and Monetary and Foreign Exchange Operations Divisions; Peter Conti‐Brown, Assistant Professor, The Wharton School of the University of Pennsylvania; and more.
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How Will the Fed Fight the Next Crisis?
In just a dozen years, the Federal Reserve has faced two severe crises. And twice it has responded by leaning heavily on emergency lending powers it seldom used before by improvising temporary lending programs and taking part in fiscal policy.
In the meantime, the Fed’s nonemergency lending facilities have hardly changed, and may well prove insufficient when the Fed faces its next crisis.
The implication of this is both obvious and ominous: while we still count on the Fed to deal with crises, we no longer know how it will deal with them. Instead of being predictable, the Fed’s crisis‐prevention methods have become unpredictable–and controversial–adding to, instead of allaying, economic scrutiny.
Can we do better? Can we improve the Fed’s systematic response to crises, making that response both more effective and more predictable? Can we thereby limit the Fed’s entanglement in politics? What can the Fed do to promote these ends? What might Congress do?
For some expert answers, please join us for a joint Cato Institute–Mercatus Center at George Mason University virtual conference series, A Fed for Next Time: Ideas for a Crisis‐Ready Central Bank, hosted by George Selgin and David Beckworth.
June 16, 2020
PANEL 1: REFORMING CREDIT POLICY
Sir Paul Tucker, chair of the Systemic Risk Council and former Deputy Governor of the Bank of England
Kathryn Judge, Harvey J. Goldschmid Professor of Law, Columbia Law School
Lev Menand, Academic Fellow and Lecturer in Law, Columbia Law School
Moderator: Jeanna Smialek, Federal Reserve and Economics Reporter, The New York Times
June 18, 2020
PANEL 2: DEFINING FISCAL STIMULUS DUTIES
Peter Conti‐Brown, Assistant Professor, The Wharton School of the University of Pennsylvania
Elga Bartsch, Head of Macro Research, BlackRock
Joseph Mason, Russell B. Long Professor of Finance, Louisiana State University
Moderator: Chris Condon, Federal Reserve Reporter, Bloomberg News
June 23, 2020
PANEL 3: MODERNIZING LIQUIDITY PROVISION
David Andolfatto, Senior Vice President, Federal Reserve Bank of St. Louis
William Nelson, Executive Vice President and Chief Economist, Bank Policy Institute
Jeremy Kronick, Associate Director, Research at the C.D. Howe Institute
Moderator: Jeff Cox, Finance Editor, CNBC
June 25, 2020
PANEL 4: PRESERVING MONETARY AUTONOMY
Peter Stella, former head of the International Monetary Fund’s Central Banking and Monetary and Foreign Exchange Operations Divisions
George Selgin, Director, Cato Institute Center for Monetary and Financial Alternatives
Sebastian Edwards, Henry Ford II Professor of International Economics at the University of California, Los Angeles
Moderator: Victoria Guida, Financial Services Reporter, Politico