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Session 16 Monetary Policy and the New Fed Tools
The Fed has been creative in increasing liquidity in the financial sector. What instruments have worked best? What are the lessons learned?
Presentations
Peter Hooper slideshow
Peter Hooper
Report
Brian Sack slideshow
Spence Hilton slideshow
Speakers
Charles Steindel
Federal Reserve Bank of New York
Charles Steindel is a Senior Vice President in the Macroeconomic and Monetary Studies Function. He oversees the Group's analysis and forecasts of U.S. economic conditions. His research interests include consumer spending and saving and productivity growth. He has served as president of the Money Marketeers of New York University and the Forecasters Club of New York. He received his bachelor's degree from Emory University and his Ph.D. from the Massachusetts Institute of Technology.
His fields of interest include: Chain weighting measuring gdp, Consumer behavior, Cycle capital spending balance sheet, Growth and Productivity, Inflation estimates productivity growth, Investment, Manufacturing, Private saving, Productivity growth, Saving, Saving economic growth, Stock market consumption, Tax rebate.
Peter Hooper
Deutsche Bank
Peter Hooper oversees a team of economists that analyze and forecast developments in the US economy and financial markets. Dr. Hooper joined Deutsche Bank Securities in the fall of 1999 as Chief US Economist, and was appointed Chief Economist in 2006. Dr. Hooper frequently comments on US economic and financial developments in the news media. Prior to joining the firm, Dr. Hooper enjoyed a distinguished 26-year career at the Federal Reserve Board in Washington, D.C. He held numerous positions at the Fed, including as an economist on the FOMC and as Deputy Director of the Division of International Finance. In doing so, he developed an informed view of the Fed's policy making process.
Dr. Hooper earned a BA in Economics (cum laude) from Princeton University and an MA and Ph.D. in Economics from University of Michigan. He has published numerous books, journal articles, and reviews on economics and policy analysis.
Brian Sack
Macroeconomic Advisers, LLC
Brian Sack is Senior Economist at Macroeconomic Advisers. He collaborates with Dr. Meyer on all aspects of Monetary Policy Insights. Dr. Sack will also be developing a number of additional products for MPI clients that focus on the implications of monetary policy developments for the fixed income markets as well as the impact of economic developments on monetary policy.
Dr. Sack joined the staff of the Board of Governors of the Federal Reserve in 1997 and became the head of the Monetary and Financial Market Analysis section in 2003. In that capacity, he directed the Federal Reserve Boards analysis of various segments of U.S. fixed-income markets, including Treasuries, swaps, and interest rate futures. Those efforts focused on interpreting and predicting the influence of economic and monetary policy developments on the yield curve and other asset prices, as well as on extracting information from market prices that was relevant for policy decisions.
Dr. Sacks position at the Board placed him as a crucial contributor to the staffs support of the FOMC. He and his section worked extensively on the Greenbook and the Bluebook prepared by the staff, and on numerous other documents addressing relevant topics for FOMC decisions. Dr. Sack worked closely with FOMC members, including extensive research projects with Governor Kohn and Governor Bernanke.
Dr. Sack has published a number of research papers on issues related to monetary policy decisions and the fixed income markets. Specific topics have included estimating monetary policy rules, measuring the effects of FOMC communications, assessing the impact of monetary policy decisions on asset prices, and evaluating the behavior of Treasury inflation-indexed debt. His papers have appeared in the Quarterly Journal of Economics, the Journal of Monetary Economics, the Journal of Money, Credit, and Banking, the Journal of Fixed Income, and the Journal of Futures Markets. Dr. Sacks research has been cited numerous times in the financial press, including the Wall Street Journal, the Financial Times, and BusinessWeek. Dr. Sack received a Ph.D. in economics from the Massachusetts Institute of Technology in 1997.
Spence Hilton
Federal Reserve Bank of New York
Spence Hilton is a senior vice president in the Markets Group at the Federal Reserve Bank of New York. He is a Senior Policy Advisor focusing on monetary policy operations and market analysis. Mr. Hilton joined the Bank in 1981 as an economist in the Research and Statistics Group, and during his time at the New York Fed he has worked on a variety of monetary policy and economic issues. Mr. Hilton holds a Ph.D degree in economics from the University of Wisconsin.