William White made a Zoom presentation to a group of central bank econometric model builders on 23 January, 2025. The presentation was organized by the Better Policy Project which is collaborating with the Central Bank of Armenia in devising a new “Prudent Risk Management Approach to Price Stability”. White began by noting that a new approach to monetary policy is required because the approach followed over recent decades has created ever larger financial bubbles. The Prudent Risk Management Framework reflects many recent suggestions for improving the monetary policy framework. It recommends reliance on alternative scenarios, incorporating uncertainty and non-linearities, recognizing endogenous money and financial spillovers, and the importance of supply side developments. There are links below to White’s slides and presention.
LaxtonCBEJan2024