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2008 U.S. Monetary Policy Forum

Lessons From the Mortgage Market Meltdown

The 2008 U.S. Monetary Policy Forum
July 1, 2008

On February 29, the U.S. Monetary Policy Forum, an annual conference that brings together academics, market economists and Federal Reserve policymakers to discuss U.S. monetary policy, met in New York City. The conference is sponsored by the Rosenberg Institute of Global Finance at the Brandeis International Business School, and the Initiative on Global Markets at the University of Chicago Graduate School of Business. 

At the meeting, participants discussed the 2008 report on matters confronting the Federal Open Market Committee (FOMC). The report, entitled "Leveraged Losses: Lessons from the Mortgage Market Meltdown" examines the implications of the recent financial market turmoil for central banks.

Over 100 participants attended this year's conference

The conference featured, among others, several members of the Federal Reserve System who offered their thoughts on the report, as well as on other related topics. Commenting on the paper, "Leveraged Losses: Lessons from the Mortgage Market Meltdown" were:

  • Eric Rosengren, Federal Reserve Bank of Boston
  • Charles Evans, Federal Reserve Bank of Chicago
  • William Poole, Federal Reserve Bank of St. Louis
  • Stephen Cecchetti, Rosenberg Professor of Global Finance & Co-Chair of the conference

A luncheon presentation by Vincent Reinhart of The American Enterprise Institute explored the communication of U.S. Monetary Policy. The afternoon concluded with a panel discussion entitled: "Balancing Financial Stability, Price Stability, and Macroeconomic Stability: How Important is Moral Hazard?"