Ultra-Easy Money: Digging the Hole Deeper?

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

Posted by williamw in Publications

Fundamentals of Central Banking — Lessons from the Crisis

Published 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.


Posted by williamw in Publications

How False Beliefs About Exchange Rate Systems Threaten Global Growth and the Existence of the Eurozone

William 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.pdf

WP 250 final
Posted by williamw in Publications

Credit Crises and the Shortcomings of Traditional Policy Responses

Presentation at the Reserve Bank of India,Mumbai – 2 February 2012

Second International Research Conference on ‘Monetary Policy, Sovereign Debt and Financial Stability – The New Trilemma’.

The objective of this paper is to investigate the origins of the current economic and financial crisis, the worst since the Great Depression, and to draw two  policy lessons. The first of these has to do with policies to extricate ourselves from the current global crisis. Virtually all of the policies followed to date, while supportive of growth in the short term, seem likely to make our current difficulties more intractable over time. The second has to do with the policy changes required to avoid similar problems in the future. In effect, we need a new “macro financial” stability framework to do this.

Posted by williamw in Publications