Sunday, October 13, 2024
Hoover Institution | Stanford University
Introduction to Conference and Keynote Speech. Michael Bordo, a member of the Shadow Open Market Committee, provided introductory remarks that described the origins of the SOMC and introduced keynote Speaker John Taylor of the Hoover Institution. Taylor’s speech focused on the benefits of systematic rules-based guidelines, and how the Taylor rule would have avoided major policy mistakes. He encouraged the Federal Reserve to use the Taylor Rule as a guideline in its conduct of monetary policy rather than rely on discretion and judgment. He also encouraged international cooperation by global central banks that adopt rules-based monetary policies.