Monetary Historians Provide Insights on Current Policy Debates in Cleveland Fed’s Newly Released Forefront

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As 2012 drew to a close, the Federal Reserve Bank of Cleveland gathered some of the world’s leading monetary historians to apply their insights to current policy debates. The spring issue of the Bank’s policy publication, Forefront, presents some highlights from that conference.

"A robust and open discussion is an essential part of the policy-setting process."

As 2012 drew to a close, the Federal Reserve Bank of Cleveland gathered some of the world’s leading monetary historians to apply their insights to current policy debates. The spring issue of the Bank’s policy publication, Forefront, presents some highlights from that conference, including:

  • Vanderbilt University economist Peter Rousseau drawing on the United States’ circuitous road to achieving a monetary union for insight into the prospects for today’s European Union (EU)
  • An interview with Barry Eichengreen from the University of California, Berkeley, who reminds us to be careful about applying lessons from the past (posted online on 5/24)
  • A review of the Fed’s first (and lasting) job -- lender of last resort -- by David Wheelock from the St. Louis Fed and Mark Carlson from the Federal Reserve Board, and
  • Remarks by Carnegie Mellon University’s Allan Meltzer on monetary policy rules.

Reflecting on the conference, Bank President Sandra Pianalto writes, “I believe that policy set in an echo chamber will most certainly not lead to the best outcomes. A robust and open discussion is an essential part of the policy-setting process.”

Forefront’s spring issue also:

  • Examines the changing role of the bank examiner, and
  • Provides a look at how the Cleveland Fed contributes to the Federal Reserve’s “Beige Book,” a periodic report on economic conditions around the country.

And while you’re online, don’t forget to check out our Latest Economic Research.

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June Gates
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