Friday, May 3, 2024
Hoover Institution | Stanford University
The Hoover Institution Economic Policy Working Group hosts “Getting Global Monetary Policy on Track," its annual monetary policy conference on Thursday, May 2, 2024 at Stanford University.
Amir Yaron, Governor of the Central Bank of Israel, explained how the central bank of Israel handled the huge financial shocks of the October 7 attack and subsequent war. He went on to discuss how small open economies must think about exchange rates in their policy strategies.
Austan Goolsbee, President of the Federal Reserve Bank of Chicago, discussed how to improve the statement of economic projections, in particular by linking FOMC members’ inflation, employment, and interest rate projections together so people could understand the economic reasoning behind them.
John Williams, President of the Federal Reserve Bank of New York, gave an overview of how central banks have evolved, focusing on rules, transparency, attention to expectations and thus the central bank’s commitment to eventually reach its inflation target, even if there are bumps along the way.
“Getting Global Monetary Policy on Track" was the theme this year following up on last year’s theme “How to Get Back on Track," and the previous year’s theme “How Monetary Policy Got Behind the Curve.” A key goal of the conference is to examine how to get back and stay on track and, thereby, how to reduce the inflation rate without slowing down economic growth. This year the key policy issues are largely international, with special discussions of Europe and Asia. This is a policy-oriented conference consisting of formal presentations, policy panels, and in-depth discussions.
Amir Yaron, Governor, Bank of Israel (slides)
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Austan Goolsbee, President, Federal Reserve Bank of Chicago (speech)
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John Williams, President, Federal Reserve Bank of New York (speech)
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Chair: John Taylor, Stanford University
For more information, visit www.hoover.org/events/getting....