Fed Listens: Distributional Consequences of the Cycle and Monetary Policy
In November 2018, the Federal Reserve System announced an effort to review how it formulates, conducts, and communicates monetary policy. As part of this review, the Opportunity & Inclusive Growth Institute—a System initiative housed at the Federal Reserve Bank of Minneapolis—hosted a conference to explore and discuss the distributional consequences of the business cycle and monetary policy.
The goal? To gain a better understanding of the trade-offs associated with alternative approaches to monetary policy and how these approaches impact different populations. Additionally, we sought to understand distributional considerations that should inform the System’s view of the economy in monetary policymaking.
This two-day conference was one of a “Fed Listens” series of events that regional Reserve Banks conducted as part of the overall Federal Reserve System monetary policy framework review. These events were designed to bring diverse perspectives and voices to the policy review, with proceedings shared publicly. These discussions were designed to underscore the System’s accountability to the public for achieving its dual mandate assigned by Congress to pursue maximum employment and price stability.
The Minneapolis Fed conference featured a keynote by Richard Clarida, Vice Chairman of the Board of Governors of the Federal Reserve System and a leader of this review effort. We learned much from a variety of diverse voices, from academic researchers, policy experts, and local leaders.
A Report to the Federal Reserve Bank’s Board of Governors
FedListens: Board of Governors Summary
Agenda
Tuesday, April 9 |
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|---|---|
| 1:00 p.m. - 1:15 p.m. |
Introduction and Welcome [Video]
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| 1:15 p.m. - 3:45 p.m. |
Research Panel 1 [Video]Context: Trends and Driving Forces in U.S. Inequality
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| 3:45 p.m. - 4:00 p.m. |
Break |
| 4:00 p.m. - 5:30 p.m. |
Policy Panel 1 [Video]Moderator: Mark Wright, Federal Reserve Bank of Minneapolis
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| 5:45 p.m. |
Dinner Keynote [Video]Introduction: Neel Kashkari, Federal Reserve Bank of Minneapolis |
Wednesday, April 10 |
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|---|---|
| 7:45 a.m. |
Continental Breakfast |
| 8:15 a.m. - 10:45 a.m. |
Research Panel 2 [Video]Household Heterogeneity: How Different Households Fare over the Business Cycle
|
| 10:45 a.m. - 11:00 a.m. |
Break |
| 11:00 a.m. - 12:30 p.m. |
Policy Panel 2 [Video]Moderator: Alessandra Fogli, Federal Reserve Bank of Minneapolis
|
| 12:30 p.m. - 12:45 p.m. |
Break |
| 12:45 p.m. - 2:00 p.m. |
Lunch Panel [Video]Fed Listens: Perspectives from the Community
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| 2:00 p.m. |
Adjourn Conference |
* Panelists who also serve on the Community Advisory Board or Institute Community Advisory Board
For questions, please contact mplsinstitute@mpls.frb.org