In response to the bursting of the housing and credit market bubbles, the Federal Reserve has resorted to an array of unorthodox policy measures. Interest rates have been cut at a record pace, a rescue of Bear Stearns was orchestrated, and policy measures not used since the 1930s have resurfaced.

Panelists at this event will offer perspectives as to how appropriate the Federal Reserve’s actions have been. They will also discuss how should the Federal Reserve balance risks to inflation and to economic growth going forward. Speakers will include Allan H. Meltzer, a visiting scholar at AEI and renowned historian of the Federal Reserve; Michael Prell, former director of the Division of Research and Statistics at the Federal Reserve Board; Vincent R. Reinhart, a resident scholar at AEI and former director of the Fed’s Division of Monetary Affairs; and Mark Zandi of Moody’s Economy.com.