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Welcome and introduction
Adam S. Posen, PIIE
Session 1: Evidence on independence: Why is it useful? How does it work?
Moderator
David Wilcox, PIIE
Speakers:
- Francesco Bianchi, Johns Hopkins University
- John H. Cochrane, Hoover Institution
- Randall S. Kroszner, University of Chicago Booth School of Business
- Gary Richardson, University of California, Irvine
- DocumentPresentation: Francesco Bianchi (546.79 KB)
- DocumentPresentation: Randall S. Kroszner (486.99 KB)
- DocumentPresentation: Gary Richardson (826.42 KB)
Opening fireside conversation
Lawrence H. Summers, Harvard University, with John H. Cochrane, Hoover Institution
Session 2: Accountability for an independent Federal Reserve
Moderator
Ellen Meade, Duke University
Speakers:
- Michael D. Bordo, Hoover Institution
- Richard H. Clarida, PIMCO and Columbia University
- Thomas Drechsel, University of Maryland
- Patrick McHenry, former House Financial Services Committee
- DocumentPresentation: Michael D. Bordo (53.85 KB)
- DocumentPresentation: Richard H. Clarida (50.46 KB)
- DocumentPresentation: Thomas Drechsel (157.86 KB)
Session 3: US legal and constitutional perspectives on independence
Moderator
Anna Gelpern, PIIE
Speakers:
- Carola Binder, School of Civic Leadership, University of Texas at Austin
- Lev Menand, Columbia Law School
- Paul Tucker, Harvard Kennedy School
- Stephen I. Vladeck, Georgetown Law School
- DocumentPresentation: Carola Binder (716.93 KB)
Session 4: Independence for monetary policy vs. financial regulation and supervision
Moderator
Joyce Chang, JPMorganChase
Speakers:
- Adam S. Posen, PIIE
- Amit Seru, Stanford Graduate School of Business; Hoover Institution
- Daniel K. Tarullo, Harvard Law School
paper - Carolyn A. Wilkins, Princeton University
- DocumentPresentation: Amit Seru (435.91 KB)
- DocumentPresentation: Carolyn A. Wilkins (496.32 KB)
Session 5: Policymaker experience with independence in practice
Moderator
Karen Dynan, PIIE
Speakers:
- Charles L. Evans, former Federal Reserve Bank of Chicago
- Roger W. Ferguson, Jr., PIIE Board of Directors and TIAA
- Thomas Hoenig, George Mason University
- DocumentPresentation: Charles L. Evans (83.34 KB)
Closing remarks
John H. Cochrane and Adam S. Posen
About
The Peterson Institute for International Economics held a high-level conference to analyze the serious issues concerning central bank independence in practice. The proceedings were compiled as revised and extended arguments in the PIIE Briefing Central bank independence in practice. Featuring an opening discussion with John H. Cochrane (Hoover Institution) and Lawrence H. Summers (Harvard University), and leading voices from academia, policy, and finance, the conference addresses:
- Does the evidence for the benefits of central bank independence hold up on net and through recent data?
- What is and should be the constitutional and legal extent of the independence of Federal Reserve?
- Does the current system of accountability—including the role of Federal Reserve Banks—serve present needs?
- How narrowly should monetary independence be defined and how much should financial supervision be separated?
- How have senior policymakers found the exercise of operational independence and determination of mission to work in practice?
The goal is to inform Congress, the federal courts, market participants, and the public with the latest evidence-based assessments of why the independence of the Federal Reserve should be secured and how far it should extend in practical terms.
Conference proceedings compiled in PIIE Briefing 25-3: Central bank independence in practice