Federal Reserve Bank of Atlanta and Rutgers University
November 5–6, 2010, Jekyll Island Club Hotel, Jekyll Island, Georgia
| Thursday, November 5, 2010 | |
| 3:00 p.m. | Conference registration opens |
| Reception and hors d'oeuvres | |
| Friday, November 5, 2010 | |
| Continental breakfast | |
| Welcome and opening remarks Dennis Lockhart, President and CEO, Federal Reserve Bank of Atlanta |
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| 8:30 | Session 1—Monetary and Financial Systems of the National Banking Era "To Establish a More Effective Supervision of Banking': How the Birth of the Fed Altered Bank Supervision"  This session will focus on how the founding of the Fed affected bank supervision practices prevalent during the National Banking Era. Paper presenter: Eugene White, Professor of Economics, Rutgers University Presentation [Presentation]  Discussant: Warren Weber, Senior Research Officer, Federal Reserve Bank of Minneapolis [Presentation] Moderator: Charles Plosser, President, Federal Reserve Bank of Philadelphia |
| 9:45 | Session 2—The Passage of the Federal Reserve Act "The Promise and Performance of the Federal Reserve as Lender of Last Resort, 1914–1933" This session examines the origins and early performance of the Federal Reserve as lender of last resort. The paper traces the Fed's failure to act as an effective lender of last resort during the Great Depression to defects of the Federal Reserve Act and, more broadly, of the U.S. banking system. The authors consider lessons about the design of lender-of-last-resort policies that might be drawn from the Fed's early history. Paper presenter: Michael D. Bordo, Professor of Economics, Rutgers University (coauthor with David C. Wheelock, Federal Reserve Bank of St. Louis) [Presentation] Discussant: Ellis Tallman, Professor of Economics, Oberlin College Moderator: Sandra Pianalto, President, Federal Reserve Bank of Cleveland |
| 10:45 | Break |
| 11:00 | Session 3—The Founding of the Fed from an International Perspective "Where It All Began: Lending of Last Resort and the Making of Sterling as the Leading International Currency in the 1860s" This session will use archival material from the Bank of England to evaluate the actual performance of the London market in acceptances and to what extent this market resembled the descriptions that were available to the founders of the Federal Reserve. The focus will be on the Overend Gurney crisis of 1866 and the Bank of England's responses to the crisis. Paper presenter: Marc Flandreau, Professor of International History and Politics, the Graduate Institute of International and Development Studies, Geneva (coauthor with Stefano Ugolini, also of the Graduate Institute) Discussant: Barry Eichengreen, Professor of Economics and Political Science, University of California, Berkeley Moderator: Richard Fisher, President, Federal Reserve Bank of Dallas |
| Luncheon | |
| Session 4—From Passage of the Act (1913) until the Treasury Accord (1951) "Volatile Times and Persistent Conceptual Errors: U.S. Monetary Policy, 1914–1951" This session reviews the history of monetary policy under the Federal Reserve System from its founding until the 1951 Treasury–Fed accord. Paper presenter: Charles Calomiris, Professor of Financial Institutions, Columbia University [Presentation] Discussant: Allan Meltzer, Professor of Political Economy, Carnegie Mellon University Moderator: James Bullard, President, Federal Reserve Bank of St. Louis |
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| 2:45 | Session 5—From the Accord (1951) until the End of Monetary Targeting (1982) "The Fed from the Treasury–Fed Accord (1951) until the End of Monetary Targeting (1982)" The session will make use of Federal Open Market Committee documents and other aspects of the historical record to evaluate alternative explanations for the increases in inflation experienced in the 1960s and 1970s. Paper presenter: Robert King, Professor of Economics, Boston University [Talking points] [Presentation] Discussant: Bennett McCallum, Professor of Economics, Carnegie Mellon University [Presentation] Moderator: James Bullard, President, Federal Reserve Bank of St. Louis |
| Break | |
| 4:00 | Session 6—1982 until the Present "Monetary Policy, 1982 to the Present" This paper will review and assess the evolution of perspectives on monetary policy since 1982. Topics covered will include rules versus discretion, the Taylor rule, Svensson's model-based approach, and the unconventional monetary policies employed by the Federal Reserve beginning in 2007. Paper presenter: Lawrence Christiano, Professor of Finance, Northwestern University Discussant: Thomas Sargent, Professor of Economics, New York University Moderator: Jeffrey Lacker, President, Federal Reserve Bank of Richmond |
| 6:30 | Reception |
| 7:30 | Dinner |
| Saturday, November 6, 2010 | |
| 7:30 a.m. | Continental breakfast |
| 7:50 | Welcome back Dennis Lockhart, President and CEO, Federal Reserve Bank of Atlanta |
| 8:00 | Session 7—The Role of Research in Monetary Policy Deliberations "Policy Debates at the FOMC: 1993–2002" This session will present a firsthand account of how the FOMC dealt with important policy issues from 1993 to 2002 and will identify occasions when advances in academic economics made practical contributions to the FOMC policy discussions. Paper presenter: Marvin Goodfriend, Professor of Economics, Carnegie Mellon University [Presentation] Discussant: Athanasios Orphanides, Governor, Central Bank of Cyprus Moderator: Charles Evans, President, Federal Reserve Bank of Chicago |
| 9:15 | Session 8—The Future Role of the Federal Reserve System "Two Models of Land Overvaluation and Their Implications" This session explores two distinct models of the overvaluation of assets such as land and evaluates appropriate policy responses to the two types of overvaluation. Paper presenter: Narayana Kocherlakota, President, Federal Reserve Bank of Minneapolis [Presentation] Discussant: Anil Kashyap, Professor of Economics and Finance, University of Chicago [Presentation] Moderator: Eric Rosengren, President, Federal Reserve Bank of Boston [Presentation] |
| 10:15 | Break |
| 10:45 |
Watch the Live Webcast |
| Noon | Conference closing remarks |
| 12:30 p.m. | Luncheon |
| 1:30 | Adjourn conference |
