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It begins with Fed Vice Chair Richard Clarida #HooverFedConference 
Now Ken Rogoff and negative interest rates. #HooverFedConference
Wow, Rogoff doing a beat down on QE and all the claims its proponents make Someone call an ambulence!
Nice chart from Rogoff. Inflation targets not credible globally, not just in US. #HooverFedConference
Now a beatdown on credible fiscal policy in ZLB. And no mercy for helicopter drops. Higher inflation target? Murdered in the first degree. What then is left for ZLB? Negative interest rates, of course.
Rogoff recognizes work of Buiter and @mileskimball
Rogoff ends on a good note: if this truly is a year of review for the Fed then consider outside ideas like this.
Great follow up comments by Andy Levin
Now up is NY Fed Pres John Williams and Thomas Mertens. They will present paper that ultimately makes the case for average inflation targeting (which we all know is where the Fed is going with its review). Monika Piazzesi to comment. Moderated by Kevin Warsh. #HooverFedConference
John Williams breaking it down business-casual style. Nice.
Monika Piazzesi responds #HooverFedConference
Monika notes that in ECB negative policy rates passed on to firms but not to household depositors.
Amazing lunch talk by historian Jennifer Burns on Milton Friedman and the long history monetary policy rules. She was introduced by Governor Michelle Bowman.
Now Jim Hamilton on the plumbing of US monetary policy.
Hanging with Chris Crowe and Ellen Meade.
Peter Ireland responds to Jim Hamilton.
Now a panel featuring, among others, George Schultz. Amazing he is still so sharp.
Interesting proposed changes to FOMC's SEP from Mickey Levy.
Now the regional Fed president panel. At least two on the panel are advocates of NGDPLT.
Robert Kaplan, looking all professoral with his reading glasses. But still puzzled about the low inflation. Here is some help Bob macromarketmusings.blogspot.com/2019/04/is-low…
Mary Daly on possible solutions.
Nice illustration of average inflation targeting.
But this slide (second bullet point) is breaking my heart
Jim Bullard now making case for NGDPLT.
Here is the paper he is presenting. research.stlouisfed.org/wp/more/2019-0…
As an aside, sat with Evan Koenig for lunch who also make a similar case for NGDPLT as a better risk sharing tool for financial system. ijcb.org/journal/ijcb13… Evan is left of Jim in the picture.
Loretta Mester is now up.
