Comments by William White on the papers by Mishkin, Fahr and all-Conference. Confrerence organised in Frankfurt on 18 November 2010 by the European Central Bank.
I wish to begin with a crucial introductory point. According to all of the models commonly in use at central banks and international financial institutions, this could not happen.
03_6th_CBC_1.5_White_proof3.pdf
03_6th_CBC_1.5_White_proof3The macroeconomic theories and models favored by academics, as well as those used more commonly by policymakers, effectively rule out by assumption economic and financial crises of the sort we are living through. (In particular, the longer-run dangers posed by the rapid expansion of credit and resulting private-sector balance-sheet developments are al- most wholly ignored.)
Publication: MONETARY AND ECONOMIC STUDIES Date: 1 November 2010
0526_MaekawalectureFinalInterview Allgemeine Frankfurter Zeitung – 14 October 2010
Publication: FAZ Date: 14 October 2010 ~16oct10_FAZ.pdf
_16oct10_FAZIMF /World Bank Edition – 7 October 2010
Date: 7 October 2010 1_19_GlobalEconomy[1].pdf
There is much debate among policymakers and economists about the timing a desir- ability of an early reduction in current large government deficits. One the one hand, many believe that an early fiscal tightening is inappropriate given the fragile nature of the global economic recovery. On the other hand, other believe that fiscal imbal- ances are so large that failure to tackle them now risks triggering another financial crisis. In this month
1001BCA oct 2010_3“Where to from here?” Remarks by William White at a symposium sponsored by the Federal Reserve Bank of Chicago, 23 September 2010
Sept_24_2010_FRBCPanelonRegulatory Reform.pdf
Sept_24_2010_FRBCPanelonRegulatory Reform_0Interview Borsen Zeitung – 7 September 2010
Publication: Borsen Zeitung Date: 7 September 2010 ~03Sept2010_BorsenZeitung.pdf
U.S. Monetary Policy Must Be More Balanced says William White in the Interview with Reuters Insider from Jackson Hole. Click here to watch the video.
Date: 28 August 2010
Aug. 27 (Bloomberg) — William White, chairman of the economic development and review committee at the Organization for Economic Cooperation and Development, talks about the possible impact of household and sovereign debt on global economic growth. White, talking with Bloomberg’s Michael McKee at the Federal Reserve’s annual symposium in Jackson Hole, Wyoming, also discusses Fed monetary policy. Bloomberg’s Pimm Fox also speaks. (Source: Bloomberg)
http://www.bloomberg.com/video/62495196/
Date: 27 August 2010
http://www.bloomberg.com/video/62495196/
Date: 27 August 2010