Seth Carpenter
Global Chief Economist, Morgan Stanley
Seth Carpenter
Events and Forums US Monetary Policy Forum
Sponsored by the Kent A. Clark Center for Global Markets, this annual conference brings together policymakers, leading scholars, and market economists to discuss US monetary policy. In advance of each event, members of the forum’s panel of scholars produce a report on a different critical issue confronting the Federal Open Market Committee. The conference then focuses on that topic. Attendance at the US Monetary Policy Forum is by invitation only.
Upcoming Event
The 2026 US Monetary Policy Forum will occur on March 6, 2026. View the full program for the 2026 USMPF here.
Meet Our Panelists
Panelists for the US Monetary Policy Forum are business leaders, economic experts, and leading scholars on monetary topics and policies
Janice Eberly
James R. and Helen D. Russell Professor of Finance, Northwestern University
Janice Eberly
Michael Feroli
Chief US Economist, JPMorgan
Michael Feroli
Kristin Forbes
Jerome and Dorothy Lemelson Professor of Management and Global Economics, MIT
Kristin Forbes
Marc Giannoni
Chief US Economist, Barclays
Marc Giannoni
Yuriy Gorodnichenko
Quantedge Presidential Professor of Economics, University of California, Berkeley
Yuriy Gorodnichenko
Fiona Greig
Global Head of Investor Research and Policy, Vanguard Investment Strategy Group
Fiona Greig
Anil Kashyap (Co-Chair)
Stevens Distinguished Professor of Economics and Finance, Chicago Booth
Anil Kashyap (Co-Chair)
Matthew Luzzetti
Chief US Economist, Deutsche Bank
Matthew Luzzetti
David Mericle
Chief US Economist - Global Investment Research, Goldman Sachs
David Mericle
Frederic Mishkin (Co-Chair)
Alfred Lerner Professor of Banking and Financial Institutions, Columbia Business School
Frederic Mishkin (Co-Chair)
Brent Neiman
Edward Eagle Brown Professor of Economics, Chicago Booth
Brent Neiman
Nela Richardson
Chief Economist and ESG Officer, ADP Research Institute
Nela Richardson
Linda Tesar
Professor of Economics, University of Michigan
Linda Tesar
Kenneth D. West
Ragnar Frisch and John D. MacArthur Professor of Economics, University of Wisconsin-Madison
Kenneth D. WestCritical-Issue Reports
Each year, our panelists produce a report on a particular critical issue confronting the Federal Open Market Committee in the medium term. Reports from previous years are available to download on the following conference pages.
CRITICAL-ISSUE REPORT 2024
Monetary Policy Transmission to Real Activity
REPORT DISCUSSION
Michelle Bowman, Board of Governors of the Federal Reserve (read speech)
John Williams, Federal Reserve Bank of New York (read speech)
PANEL: Central Bank Frameworks Reviews
Pablo Hernández de Cos, Bank for International Settlements
Donald Kohn, Brookings Institution (view slides)
Matthew Shapiro, University of Michigan
Loretta Mester, University of Pennsylvania (panel moderator)
CRITICAL-ISSUE REPORT 2024
Quantitative Tightening Around the Globe: What Have We Learned?
REPORT DISCUSSION
Lorie Logan, Federal Reserve Bank of Dallas (read speech)
Christopher Waller, Board of Governors of the Federal Reserve (read speech)
PANEL: AI and the Labor Market
Mary Daly, Federal Reserve Bank of San Francisco
Joseph Davis, Vanguard (read speech)
Andrew McAfee, MIT
Jeffrey Schmid, Federal Reserve Bank of Kansas City (panel moderator)
CRITICAL-ISSUE REPORT 2023
Managing Disinflations
REPORT DISCUSSION
Philip Jefferson, Board of Governors of the Federal Reserve (read speech)
Loretta Mester, Federal Reserve Bank of Cleveland (read speech)
PANEL: WHY DID WE MISCAST INFLATION?
Susan M. Collins, Federal Reserve Bank of Boston (read speech)
Yuriy Gorodnichenko, University of California, Berkeley (view slides)
Mervyn King, London School of Economics (read speech)
Christopher Waller, Board of Governors of the Federal Reserve (panel moderator)
CRITICAL-ISSUE REPORT 2022
Some Benefits and Risks of a Hot Economy
REPORT DISCUSSION
Charles Evans, Federal Reserve Bank of Chicago (read his remarks here)
Christopher Waller, Board of Governors of the Federal Reserve (read his remarks here)
PANEL: Central Bank Digital Currencies
Lael Brainard, Board of Governors of the Federal Reserve (read her remarks here)
Fabio Panetta, European Central Bank (read his remarks here)
Jackie Reses, Post House Capital (view her slides here)
CRITICAL-ISSUE REPORT 2020
Monetary Policy for the Next Recession
REPORT DISCUSSION
Raphael Bostic, Federal Reserve Bank of Atlanta (read speech)
Lael Brainard, Board of Governors of the Federal Reserve (read speech)
KEYNOTE SPEECH
Philip Lane, European Central Bank (read speech)
PANEL: Hall of Mirrors: Feedback Between Monetary Policy and Financial Markets
Richard Clarida, Board of Governors of Federal Reserve (read speech)
Rick Rieder, BlackRock
Silvana Tenreyro, London School of Economics & Bank of England (read remarks)
CRITICAL-ISSUE REPORT 2019
Prospects for Inflation with a High-Pressure Economy
REPORT DISCUSSION
Mary Daly, Federal Reserve Bank of San Francisco (view presentation)
John Williams, Federal Reserve Bank of New York (read speech)
KEYNOTE SPEECH
Richard Clarida, Board of Governors of the Federal Reserve (read speech)
PANEL: THE FUTURE OF THE FEDERAL RESERVE BALANCE SHEET
James Bullard, Federal Reserve Bank of St. Louis (view presentation)
Lisa Emsbo-Mattingly, Fidelity (view presentation)
Randal Quarles, Board of Governors of the Federal Reserve (read speech)
CRITICAL-ISSUE REPORT 2018
A Skeptical View of the Impact of the Fed’s Balance Sheet
REPORT DISCUSSION
Eric Rosengren, Federal Reserve Bank of Boston
William Dudley, Federal Reserve Bank of New York (read speech)
KEYNOTE SPEECH
Paul Krugman, CUNY
PANEL: A Review of Objectives for Monetary Policy
Olivier Blanchard, Peterson Institute for International Economics
Benoit Cœuré, European Central Bank (read speech)
Loretta Mester, Federal Reserve Bank of Cleveland (read speech)
CRITICAL-ISSUE REPORT 2017
Deflating Inflation Expectations: The Implications of Inflation’s Simple Dynamics
REPORT DISCUSSION
Charles L. Evans, President, Federal Reserve Bank of Chicago (read speech)
Jeffrey Lacker, President, Federal Reserve Bank of Richmond (read speech)
KEYNOTE SPEECH
Stanley Fischer, Vice Chairman, Board of Governors of the Federal Reserve System
(read speech)
PANEL: NEGATIVE INTEREST RATES: LESSONS FROM INTERNATIONAL EXPERIENCE
Hyun Song Shin, Economic Adviser, Bank for International Settlements (read speech)
Hiroshi Nakaso, Deputy Governor, Bank of Japan
Carmen M. Reinhart, Professor, Harvard University
CRITICAL-ISSUE REPORT, 2016
Language after Liftoff: Fed Communication Away from the Zero Lower Bound
REPORT DISCUSSION
Jerome Powell, Board of Governors, Federal Reserve System (read speech)
John Williams, President, Federal Reserve Bank of San Francisco (read speech)
KEYNOTE SPEECH
Jeremy Stein, Professor of Economics, Harvard University
(read speech)
PANEL: INTERNATIONAL MONETARY POLICY SYNCHRONIZATION
Lael Brainard, Board of Governors, Federal Reserve System (read speech)
Maurice Obstfeld, Director of Research, International Monetary Fund
Peter Praet, Executive Board Member, European Central Bank
CRITICAL-ISSUE REPORT, 2015
The Equilibrium Real Funds Rate: Past, Present, and Future
REPORT DISCUSSION
William Dudley, President, Federal Reserve Bank of New York (view comments)
Loretta J. Mester, President, Federal Reserve Bank of Cleveland (view comments)
KEYNOTE SPEECH
Ben S. Bernanke, Brookings Institution
PANEL: CENTRAL BANKING WITH LARGE BALANCE SHEETS
Vítor Constâncio, European Central Bank (view slides)
Stanley Fischer, Board of Governors of the Federal Reserve System (view comments)
Hiroshi Nakaso, Bank of Japan (view comments)
CRITICAL-ISSUE REPORT, 2014
Market Tantrums and Monetary Policy
REPORT DISCUSSION
Narayana Kocherlakota, President, Federal Reserve Bank of Minneapolis (view comments)
Jeremy C. Stein, Board of Governors of the Federal Reserve Board (view comments)
KEYNOTE SPEECH
Robert E. Rubin, Council on Foreign Relations
PANEL: MONETARY POLICY STRATEGY AND COMMUNICATIONS
Charles Evans, President, Federal Reserve Bank of Chicago (view comments)
Charles I. Plosser, President, Federal Reserve Bank of Philadelphia (view comments)
Sayuri Shirai, Member of the Policy Board, Bank of Japan (view comments)
CRITICAL-ISSUE REPORT, 2013
Crunch Time: Fiscal Crises and the Role of Monetary Policy
REPORT DISCUSSION
Jerome H. Powell, Board of Governors of the Federal Reserve Bank System (read speech)
Eric S. Rosengren, Federal Reserve Bank of Boston (view comments)
KEYNOTE SPEECH
N. Gregory Mankiw, Harvard University
The Fiscal Challenge Ahead
PANEL: US FISCAL PROBLEMS AND POTENTIAL SOLUTIONS
Douglas Elmendorf, Congressional Budget Office
Martin Feldstein, Harvard University and NBER
Alice Rivlin, Brookings
CRITICAL-ISSUE REPORT, 2012
Housing, Monetary Policy, and the Recovery
REPORT DISCUSSION
James Bullard, Federal Reserve Bank of Saint Louis (view comments)
John Williams, Federal Reserve Bank of San Francisco (view comments)
KEYNOTE SPEECH
Mark Carney, Bank of Canada
(read speech)
PANEL: FISCAL CHALLENGES AROUND THE WORLD
Charles Plosser, Federal Reserve Bank of Philadelphia (read speech)
William Dudley, Federal Reserve Bank of New York (read speech)
Jürgen Stark, European Central Bank (view slides)
CRITICAL-ISSUE REPORT, 2011
Stressed Out: Macroprudential Principles for Stress Testing
REPORT DISCUSSION
Peter Diamond, MIT professor and Nobel laureate in economic sciences (view comments)
Jeffrey Lacker, President, Federal Reserve Bank of Richmond
KEYNOTE SPEECH
Donald Kohn, Brookings Institution
Challenges for Central Banks
PANEL: UNCONVENTIONAL MONETARY POLICY
Charles Bean, Bank of England
Vítor Constâncio, European Central Bank (view slides)
Janet Yellen, Board of Governors of the Federal Reserve (read speech)
CRITICAL-ISSUE REPORT, 2010
Financial Conditions Indexes: A New Look after the Financial Crisis
REPORT DISCUSSION
William Dudley, Federal Reserve Bank of New York (view comments)
Narayana Kocherlakota, Federal Reserve Bank of Minneapolis (view comments)
KEYNOTE SPEECH
Kenneth Rogoff, Professor of Public Policy at Harvard University
Debt and the Aftermath of the Global Financial Crisis: Is This Time Different?
PANEL: FINANCIAL REGULATORY REFORM
Charles Evans, Federal Reserve Bank of Chicago (view slides)
Anil K Kashyap, Chicago Booth (view comments)
Daniel Tarullo, Federal Reserve Board of Governors (view comments)
CRITICAL-ISSUE REPORT, 2009
Oil and the Macroeconomy: Lessons for Monetary Policy
REPORT DISCUSSION
Janet Yellen, President, Federal Reserve Board of San Francisco (view comments)
James Bullard, President, Federal Reserve Board of St. Louis (view comments)
KEYNOTE SPEECH
Christina D. Romer, Chair of the President’s Council of Economic Advisers
(read speech)
The Case for Fiscal Stimulus: The Likely Effects of the American Recovery and Reinvestment Act
PANEL: MAKING MONETARY POLICY DURING A FINANCIAL CRISIS
Charles Plosser, Federal Reserve Bank of Philadelphia (view comments)
Eric S. Rosengren, Federal Reserve Bank of Boston (view comments)
Frederic Mishkin, Columbia University (view presentation)
CRITICAL-ISSUE REPORT, 2008
Leveraged Losses: Lessons from the Mortgage Market Meltdown
REPORT DISCUSSION
Frederic Mishkin, Federal Reserve Board of Governors (view remarks)
Eric Rosengren, Federal Reserve Bank of Boston (view remarks)
KEYNOTE SPEECH
Vincent Reinhart, Chief Economist, Standish Mellon Asset Management
(read speech)
PANEL: BALANCING FINANCIAL STABILITY, PRICE STABILITY, AND MACROECONOMIC STABILITY
Charles Evans, Federal Reserve Bank of Chicago
Peter Hooper, Deutsche Bank (view remarks)
William Poole, Federal Reserve Bank of St. Louis
Kenneth West, University of Wisconsin
CRITICAL-ISSUE REPORT, 2007
Understanding the Evolving Inflation Process
REPORT DISCUSSION
Donald L. Kohn, Federal Reserve Board of Governors (view remarks)
Jeffrey M. Lacker, Federal Reserve Bank of Richmond (view remarks)
KEYNOTE SPEECH
Alan Blinder, Princeton University
(view slides)
PANEL: LIQUIDITY AND MONETARY POLICY
Randall S. Kroszner, Federal Reserve System
Gary H. Stern, Federal Reserve Bank of Minneapolis