This essay was used as a foreward to a research study, published on May 8 2018, which looked closely into the course content of eight undergraduate macroeconomic courses taught at Dutch universites. It concludes that the overwhelming emphasis on Neoclassical models and mathematical methods means these courses provide no practical insights into solving the real problems faced by economists in the real world.
ForwardThinkingLikeanEconomist (1)This essay has just been published as Chapter 21 in “The Changing Fortunes of Central Banking”, edited by Philipp Hartmann, Haizhou Huang and Dirk Schoenmaker. Cambridge University Press.
CAEGChapterpdfThis article was co-authored with others and constitutes an official version of the conference proceedings. William White gave his personal summary at the end of the meeting, and his comments can be found on this website under Presentations.
https://www.bankofengland.co.uk/quarterly-bulletin/2018/2018-q1/boe-hkma-imf-conference
This essay will be forthcoming in a book published by the Reinventing Bretton Woods Committee. It argues that monetary, fiscal and regulatory policies have all been conducted without adequate consideration being given to their longer run consequences. Policies should try to deliver not only material increases in well being, but also increases that are sustainable and benfit the many and not just the few. To acheive such policy outcomes, we must reform both the domestic and international institutional structures that condition such policies.
Things keep getting worseThis article was published in Credit and Capital Markets, Volume 50, Issue 2, 2017, pp 213-235. It argues that conventional monetary policy fails to recognize that the economy is a complex, adaptive system like many in in nature and society. This failure has resulted in easy monetary policies producing a number of dangerous and unintended consequences whose effects can now only be mitigated by government action. Embracing complexity also leads to many practical suggestions as to how monetary policy might be better conducted in the future.
Creditand CapitalArticleCIGI – Hertie School Workshop
“10 Years Since the Global Financial Crisis: Lessons learned, Opportunities Missed”
Berlin, Germany
31 May 2017
The G20’s Reform of Banking Regulation and the Changing Nature of the Global Financial System
CIGIHertieBerlinBOE-HKMA-MF Conference on Monetary Financial and Prudential Policy Interactions in the Post-Crisis World
BOE-HKMA-MF Conference on Monetary Financial and Prudential Policy Interactions in the Post-Crisis World
William White was awarded the Adam Smith prize on 11 September, the highest prize of the US National Association of Business Economists. The paper underlying his remarks at the ceremony has been published in Business Economics
Adam Smith Prize Lecture – National Association of Business Economists – Atlanta, Georgia – 11 September 2016
11369_2016_12_OnlinePDFPublished by Group of Thirty – Washington, D.C. October 2015. The study was led by a Steering Committee comprised of Jacob Frankel (Chairman), Arminio Fraga and Axel Weber, and was supported by a Working Group of 16 members of the G30, including its Chairman, Jean-Claude Trichet. William White was the director of this project and the draftsman of this G30 document.
CentralBankingWilliam White – Working Paper No.250 – Federal Reserve Bank of Dallas – Globalization and Monetary Policy Institute – September 2015. Subsequently published as a Chapter in “The Political Economy of the Eurozone” Edited by A Cardinale, D’Maris Coffman and R Scazzieri. Cambridge University Press, 2017
The current belief system that says “all will be well” if domestic price stability can be maintained is fundamentally flawed. If this can be achieved only through monetary, credit and debt expansion, the end result will be an increased risk of systemic crisis.
WP 250 final