US Monetary Policy Forum

The US Monetary Policy Forum (USMPF) is an annual conference that brings academics, market economists, and policy makers together to discuss US monetary policy. A standing group of academic and private-sector economists (the USMPF panelists) has rotating responsibility for producing a report on a critical medium-term issue confronting the Federal Open Market Committee (FOMC).

Attendance at the USMPF conference is by invitation only.


USMPF Panelists

US Monetary Policy Forum Critical-Issue Reports

Each year, the USMPF panelists produce a report on a critical medium-term issue confronting the Federal Open Market Committee (FOMC). Reports for previous years are available in PDF format for download on the following conference pages:

2018

A Skeptical View

CRITICAL-ISSUE REPORT 2018
A Skeptical View of the Impact of the Fed's Balance Sheet

REPORT DISCUSSION
Eric Rosengren, Federal Reserve Bank of Boston
William Dudley, Federal Reserve Bank of New York (Read Speech)

KEYNOTE SPEECH
Paul Krugman, CUNY

PANEL 
A Review of Objectives for Monetary Policy
Olivier Blanchard, Peterson Institute for International Economics
Benoit Cœuré, European Central Bank (Read Speech)
Loretta Mester, Federal Reserve Bank of Cleveland (Read Speech)

  For the full 2018 program, click here.

2017

Deflating Inflation Expectations

CRITICAL-ISSUE REPORT 2017
Deflating Inflation Expectations: The Implications of Inflation's Simple Dynamics

REPORT DISCUSSION
Charles L. Evans, President, Federal Reserve Bank of Chicago (Read speech)
Jeffrey Lacker, President, Federal Reserve Bank of Richmond (Read speech)

KEYNOTE SPEECH
Stanley Fischer, Vice Chairman, Board of Governors of the Federal Reserve System
Monetary Policy: By Rule, By Committee, or By Both?

PANEL 
Negative Interest Rates: Lessons from International Experience
Hyun Song Shin, Economic Adviser, Bank for International Settlements (Read speech)
Hiroshi Nakaso, Deputy Governor, Bank of Japan
Carmen M. Reinhart, Professor, Harvard University

  For the full 2017 program, click here.

2016

Language after Liftoff: Away from the Zero Lower Bound

CRITICAL-ISSUE REPORT, 2016
Language after Liftoff: Fed Communication Away from the Zero Lower Bound

REPORT DISCUSSION
Jerome Powell, Board of Governors, Federal Reserve System (Read speech)
John Williams, President, Federal Reserve Bank of San Francisco (Read speech)

KEYNOTE SPEECH

Jeremy Stein, Professor of Economics, Harvard University
The Fed, the Bond Market, and Gradualism in Monetary Policy

PANEL 

International Monetary Policy Synchronization
Lael Brainard, Board of Governors, Federal Reserve System (Read speech)
Maurice Obstfeld, Director of Research, International Monetary Fund
Peter Praet, Executive Board Member, European Central Bank


           For the full 2016 program, click here.

2015

The Equilibrium Real Funds Rate: Past, Present and Future

CRITICAL-ISSUE REPORT, 2015
The Equilibrium Real Funds Rate: Past, Present and Future

REPORT DISCUSSION

William Dudley, President, Federal Reserve Bank of New York (comments)
Loretta J. Mester, President, Federal Reserve Bank of Cleveland (comments)

KEYNOTE SPEECH

Ben S. Bernanke, Brookings Institution

PANEL 
Central Banking with Large Balance Sheets
Vítor Constâncio, European Central Bank (slides)
Stanley Fischer, Board of Governors of the Federal Reserve System (comments)
Hiroshi Nakaso, Bank of Japan (comments)


           For the full 2015 program, click here.

 

2014

Market Tantrums and Monetary Policy

CRITICAL-ISSUE REPORT, 2014
Market Tantrums and Monetary Policy

REPORT DISCUSSION

Narayana Kocherlakota, President, Federal Reserve Bank of Minneapolis (comments)
Jeremy C. Stein, Board of Governors of the Federal Reserve Board (comments)

KEYNOTE SPEECH

Robert E. Rubin, Council on Foreign Relations

PANEL 
Monetary Policy Strategy and Communications  
Charles Evans, President, Federal Reserve Bank of Chicago (comments)
Charles I. Plosser, President, Federal Reserve Bank of Philadelphia (comments)
Sayuri Shirai, Member of the Policy Board, Bank of Japan (comments)


            For the full 2014 program, click here.

 

 

2013

Fiscal Crises and Monetary Policy

CRITICAL-ISSUE REPORT, 2013
Crunch Time: Fiscal Crises and the Role of Monetary Policy

REPORT DISCUSSION

Jerome H. Powell, Board of Governors of the Federal Reserve Bank System (comments)
Eric S. Rosengren, Federal Reserve Bank of Boston (comments)

KEYNOTE SPEECH

N. Gregory Mankiw, Harvard University
The Fiscal Challenge Ahead

PANEL 
US Fiscal Problems and Potential Solutions  
Douglas Elmendorf, Congressional Budget Office
Martin Feldstein, Harvard University and NBER
Alice Rivlin, Brookings 


             For the full 2013 program, click here.

 

2012

Housing, Monetary Policy, and the Recovery

CRITICAL-ISSUE REPORT, 2012
Housing, Monetary Policy, and the Recovery

REPORT DISCUSSION

James Bullard, Federal Reserve Bank of Saint Louis (comments)
John Williams, Federal Reserve Bank of San Francisco (comments)

KEYNOTE SPEECH

Mark Carney, Bank of Canada
A Monetary Policy Framework for all Seasons

PANEL 

Fiscal Challenges Around the World 
Charles Plosser, Federal Reserve Bank of Philadelphia (speech)
William Dudley, Federal Reserve Bank of New York (speech)
Jürgen Stark, European Central Bank (slides)


            For the full 2012 program, click here.

 

2011

Stress Testing and Macroprudential Principles

CRITICAL-ISSUE REPORT, 2011
Stressed Out: Macroprudential Principles for Stress Testing

REPORT DISCUSSION
Peter Diamond, MIT Professor and co-recipient of Nobel Prize in economics (comments)
Jeffrey Lacker, President, Federal Reserve Bank of Richmond

KEYNOTE SPEECH

Donald Kohn, Brookings Institution
Challenges for Central Banks

PANEL 

Unconventional Monetary Policy 
Charles Bean, Bank of England
Vítor Constâncio, European Central Bank (slides)
Janet Yellen, Board of Governors of the Federal Reserve (speech)

           

    For the full 2011 program, click here.

 

2010

Financial Conditions Indexes: A New Look

CRITICAL-ISSUE REPORT, 2010
Financial Conditions Indexes: A New Look after the Financial Crisis

REPORT DISCUSSION
William Dudley, Federal Reserve Bank of New York (comments)
Narayana Kocherlakota, Federal Reserve Bank of Minneapolis (comments)

KEYNOTE SPEECH
Kenneth Rogoff, Professor of Public Policy at Harvard University
Debt and the Aftermath of the Global Financial Crisis: Is This Time Different?

PANEL 
Financial Regulatory Reform
Charles Evans, Federal Reserve Bank of Chicago (slides)
Anil K Kashyap, Chicago Booth (comments)
Daniel Tarullo, Federal Reserve Board of Governors (comments)

           
For the full 2010 program, click here.

 

2009

Oil and the Economy

CRITICAL-ISSUE REPORT, 2009
Oil and the Macroeconomy: Lessons for Monetary Policy

REPORT DISCUSSION
Janet Yellen, President, Federal Reserve Board of San Francisco (view comments)
James Bullard, President, Federal Reserve Board of St. Louis (view comments)

KEYNOTE SPEECH
Christina D. Romer, Chair of the President's Council of Economic Advisers
The Case for Fiscal Stimulus: The Likely Effects of the American Recovery and Reinvestment Act

PANEL 
Making Monetary Policy During a Financial Crisis
Charles Plosser, Federal Reserve Bank of Philadelphia (comments)
Eric S. Rosengren, Federal Reserve Bank of Boston (comments)
Frederic Mishkin, Columbia University (presentation)

           

  For the full 2009 program, click here.

 

2008

Mortgage Market Meltdown: Leverage and Lessons

CRITICAL-ISSUE REPORT, 2008
Leveraged Losses: Lessons from the Mortgage Market Meltdown

REPORT DISCUSSION

Frederic Mishkin, Federal Reserve Board of Governors (remarks)
Eric Rosengren, Federal Reserve Bank of Boston (remarks)

KEYNOTE SPEECH
Vincent Reinhart, Chief Economist, Standish Mellon Asset Management 
The Governance, Communication, and Conduct of Federal Reserve's Monetary Policy

PANEL 
Balancing Financial Stability, Price Stability, and Macroeconomic Stability
Charles Evans, Federal Reserve Bank of Chicago
Peter Hooper, Deutsche Bank (remarks)
William Poole, Federal Reserve Bank of St. Louis
Kenneth West, University of Wisconsin

           
For the full 2008 program, click here.

 

2007

How Inflation Evolves

CRITICAL-ISSUE REPORT, 2007
Understanding the Evolving Inflation Process

REPORT DISCUSSION

Donald L. Kohn, Federal Reserve Board of Governors (remarks)
Jeffrey M. Lacker, Federal Reserve Bank of Richmond (remarks)

KEYNOTE SPEECH

Alan Blinder, Princeton University
Making Monetary Policy and Talking about It

PANEL 

Liquidity and Monetary Policy
Randall S. Kroszner, Federal Reserve System 
Gary H. Stern, Federal Reserve Bank of Minneapolis 

  For the full 2007 program, click here.

 

The USMPF is sponsored by the Initiative on Global Markets at the University of Chicago Booth School of Business.

Peggy Eppink is the staff member supporting the USMPF.