Publications

William White – Working Paper No.155 – Federal Reserve Bank of Dallas – Globalization and Monetary Policy Institute – September 2013

WP 155 final version.pdf

Working Paper no 126 – Federal Reserve Bank of Dallas   Globalization and Monetary Policy Institute

UltraeasymonetarypolicyV5.pdf

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.

Conference in Honour of Nout Wellink – Amsterdam 10 November 2011

De Nederlandsche Bank

Date:  10 November 2011 291111_CommentsOnFranlin Allen_upd291111.pdf

Prepared by Otmar Issing (Chairman),Jan Krahnen, Klaus Regling, William White

As of 1 November 2011

Conference sponsored by the OECD and the World Bank, Paris , March 2011

OECD-WorldBankPanel_240311.pdf

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

The 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_MaekawalectureFinal.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.pdf