Understanding Fedspeak
Event: Understanding Fedspeak
When: Wednesday, November 30, 2016, 9:15 am – 12:45 pm
Where: The Brookings Institution, Falk Auditorium, 1775 Massachusetts Ave, NW, Washington, DC
Event Link (w/event presentation videos, slides, documents): www.brookings.edu/events/understanding-fedspeak/
Overview: Central bank communications have evolved substantially since Sir Montagu Norman, the governor of the Bank of England from 1921-1944,
reportedly took as his personal motto, "Never explain, never excuse.” More recently, in the U.S., the Federal Reserve has expanded its communications to include a statement after every meeting of the Federal Open Market Committee (FOMC), quarterly press conferences by the chair, and quarterly projections of the economy and the path of interest rates by each member of the FOMC.
Other central banks have done much the same, believing that monetary policy is more effective when the public and financial markets understand the central bank’s thinking and that openness is essential to preserving central bank independence in democratic societies. Yet the Fed is often criticized for being unclear and opaque, and there is no doubt that the Fed’s audiences are often confused.
On November 30, the Hutchins Center on Fiscal and Monetary Policy at Brookings and the Center for Financial Economics at Johns Hopkins will
examine the purpose and quality of Fed communications from the perspectives of academics, former Fed officials, Wall Street Fed watchers, and those in the press who cover the Fed. What is and what should be the goal of Fed communications? What does it do well? Not so well?
This event will be live webcast. You can join the conversation and tweet questions for the panelists at #Fedspeak.

Paper
Jon Faust, Louis J. Maccini Professor of Economics, Johns Hopkins University
Discussant: Alan Blinder, Visiting Fellow, Brookings; Gordon S. Rentschler Memorial Professor of Economics, Princeton University

Listening To The Fed
Moderator: Louise Sheiner, Senior Fellow and Policy Director, Hutchins Center on Fiscal and Monetary Policy, The Brookings Institution
Ben Bernanke, Distinguished Fellow in Residence, Economic Studies, The Brookings Institution
Tim Duy, Professor of Practice, University of Oregon; blogger
Ylan Q. Mui, Reporter, Washington Post

What Does Wall Street Want?
Moderator: David Wessel, Director, Hutchins Center on Fiscal and Monetary Policy, and Senior Fellow, Economic Studies, The Brookings Institution
Julia Coronado, Chief Economist, Graham Capital Management
Roberto Perli, Partner, Cornerstone Macro
Vincent Reinhart, Chief Economist, Standish Mellon
Peter Hooper, Chief Economist, Deutsche Bank Securities

The View From The Fed
Moderator: Don Kohn, Senior Fellow, Economic Studies, The Brookings Institution
Jerome (Jay) Powell, Governor, Federal Reserve
19 photos