2015-16 IGM Year in Review

7 The IGM held its 10th annual US Monetary Policy Forum (USMPF), which brings together academic researchers, market economists, and policymakers, in New York in February 2016. A standing group of academic and private sector economists share rotating responsibility for reporting on a critical medium-term issue confronting the Federal Open Market Committee (FOMC). The topic of the USMPF’s main report this year was “Language after Liftoff: Fed Communication Away from the Zero Lower Bound.” The report discusses communication policy and was written by David Greenlaw (Morgan Stanley), Peter Hooper (Deutsche Bank), Michael Feroli (JP Morgan), Frederic Mishkin (Columbia), and Amir Sufi (Chicago Booth). The report was discussed by Governor Jerome Powell of the board of governors of the Federal Reserve System and President John Williams of the Federal Reserve Bank of San Francisco and was moderated by Randall S. Kroszner (Chicago Booth). Jeremy Stein from Harvard University gave the keynote lunch speech and took questions from the audience. The conference concluded with a panel discussion on international monetary policy synchronization featuring Lael Brainard of the board of governors of the Federal Reserve System; Maurice Obstfeld, economic counsellor and director of research of the International Monetary Fund; and Peter Praet, executive board member of the European Central Bank. Steve Liesman, CNBC senior economics reporter, moderated the panel. Copies of the report, the discussants’ comments and panelists’ remarks, and a list of conference participants are available on the IGM website. US MONETARY POLICY FORUM