ST. LOUIS — Economists and policymakers from around the world gathered in St. Louis for the 32nd annual policy conference of the Federal Reserve Bank of St. Louis to explore the conduct of monetary policy under uncertainty. The conference was held in honor of William Poole, the St. Louis Fed's outgoing president, who has had a long-standing interest in the subject.
The papers and discussions from the conference are published in the July/August issue of Review, the St. Louis Fed's bimonthly publication of economic and business research. The publication also features a reprint of "Rules-of-Thumb for Guiding Monetary Policy," a paper written by Poole and published by the Board of Governors of the Federal Reserve System in 1971, when he was a senior economist in the special studies section of the Board's Division of Research and Statistics.
The publication is also available online.
Attendees paid tribute to Poole, who was at the helm of the St. Louis Fed for 10 years until his retirement in March of 2008. Among others who commended his work, John Taylor, professor of economics at Stanford University, told conference attendees that Poole's emphasis on the good communication and good policy "has contributed, and will continue to contribute, to improvements in the conduct of monetary policy."
Reflecting Taylor's sentiment, Fed Chairman Ben S. Bernanke said, "The contributions of Bill Poole have helped refine our understanding of how to conduct monetary policy in an uncertain environment ... Most fundamentally, our discussions of the pervasive uncertainty that we face as policymakers is a powerful reminder of the need for humility about our ability to forecast and manage the future course of the economy."
The titles and authors of the conference papers are:
Commentaries are provided by:
With branches in Little Rock, Louisville and Memphis, the Federal Reserve Bank of St. Louis serves the Eighth Federal Reserve District, which includes all of Arkansas, eastern Missouri, southern Indiana, southern Illinois, western Kentucky, western Tennessee and northern Mississippi. The St. Louis Fed is one of 12 regional Reserve banks that, along with the Board of Governors in Washington, D.C., comprise the Federal Reserve System. As the nation's central bank, the Federal Reserve System formulates U.S. monetary policy, regulates state-chartered member banks and bank holding companies, and provides payment services to financial institutions and the U.S. government.
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