Monday, October 14, 2024
Hoover Institution | Stanford University
Panel on Influence of the SOMC and Others Outside the Fed. This concluding panel included four former Fed members, Don Kohn and Roger Ferguson, both of whom served as Vice Chairs of the Board of Governors of the Fed, Robert Heller, a former Governor of the Fed and Esther George, former President of the Federal Reserve Bank of Kansas City. All suggested that they listened carefully to outside suggestions, including those made by the SOMC. Kohn provided a historical recount of how the Fed were aware of monetary policy rules and weighed the rules with the Fed’s discretionary judgment in the conduct of monetary policy. Ferguson discussed outside pressures on the Fed and its balancing of objectives. In a discussion about the lack of dispersion of views at the Fed, George emphasized that she always was able to express her views and felt no pressure to conform. Heller discussed his interactions with Paul Volcker and personal experiences at the Fed. Deborah Lucas moderated this panel.
