The Philadelphia Fed Policy Forum

8:15 am

Continental Breakfast

9:00 am

Opening Remarks (via video)
Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System
Text of Remarks

9:30 am

Social Security and Medicare: Scaling the Problem and Proposed Solutions

Moderator:
Loretta J. Mester, Federal Reserve Bank of Philadelphia

“Implication of the Fundamental Human Problems Underlying Social Security, Medicare, and
their Looming Deficits”
Robert J. Shiller, Yale University

Life-Cycle Portfolios as Government Policy
The Economists' Voice

“Social Security Reform”
Peter A. Diamond, Massachusetts Institute of Technology

Saving Social Security: A Balanced Approach
(title links to The Brookings Bookstore. Click on Read Sample Chapter)
Peter A. Diamond and Peter R. Orszag

Reforming Social Security: A Balanced Plan
The Brookings Institution, Policy Brief
PowerPoint Presentation

“Fiscal and Generational Imbalances: An Update”
Kent A. Smetters, The Wharton School, University of Pennsylvania

Fiscal and Generational Imbalances: An Update
Jagadessh Gokhale and Kent Smetters
PowerPoint Presentation

11:45 am

Lunch

12:45 pm

Keynote Speech: “Fiscal Challenges”
Katherine Baicker, Member, Council of Economic Advisers

2:00 pm

Government Budget Deficits: Measurement and Prognosis

Moderator:
Michael Dotsey, Federal Reserve Bank of Philadelphia

“These Are the Good Old Days: The Near Term
Budget Outlook”
Douglas J. Holtz-Eakin, Director, Congressional Budget Office, and Syracuse University

“In the Long Run, It’s All About Health Care”
Alice M. Rivlin, The Brookings Institution
PowerPoint Presentation

Discussion and Audience Participation

3:45 pm

Fiscal Imbalance: Broader Implications for the Macroeconomy

Moderator:
Anthony M. Santomero, President, Federal Reserve Bank of Philadelphia

“Globalization and Government Policy”
Richard W. Fisher, President, Federal Reserve Bank
of Dallas

“Implications of the Looming Budget Adjustments for Macroeconomic Activity”
Alan J. Auerbach, University of California, Berkeley
PowerPoint Presentation

“The Triumph of Monetary Policy”
Robert J. Barro, Harvard University
Power Point Presentation

Discussion and Audience Participation

5:30 pm

Reception and Informal Discussion