Economic Outlook and The Need for Monetary Reform

Bill White made  a presentation on 24 November at a conference organized by the Monetative group at the Frankfurt School of Finance and Management. The conference was directed to analyzing how digitalization might lead to changes in the current monetary system. Bill focusered on shortcomings in the current system, not least recurrent credit driven “booms and busts”, and concluded that these shortcomings provided a prima facie case for thinking about alternative monetary systems.


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What is Macroprudential Policy Not? It is Not a Silver Bullet.

Bill White made the keynote presentation at the end of a 19 November conference on macroprudential policies, organized jointly by the IMF, the Danish National Bank and CBS in Copenhagen. Although many commentators seem to feel that such policies will ensure financial stability in the future, Bill noted that policymakers face many difficulties in conducting them properly. Indeed, they might even contribute to financial instability by encouraging the pursuit of “lower for longer” monetary policy with its many unintended consequences.


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Have Post-Crisis Changes to Financial Regulation Been Sufficient?

Bill presented his comments on a panel at the end of a meeting (August 30-31) in Reykjavik, Iceland, which looked at “The 2008 Global Financial Crisis in Retrospect”. He agreed that much progress has been made in regulating the financial sector, but also drew attention to many remaining shortcomings. The fact that all piecemeal regulatory changes invite evasion, and then still another regulatory response, raises questions as to whether still more radical change to our current financial and monetary system is not required.

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10 Years After the Failure of Lehman Brothers: What Have We Learned?

The OECD, NAEC and partners for a New Economy, held a meeting in Paris on 13-14 September 2018 directed to this question. Bill White was a panel member commenting on a presentation by Maurice Obstfeld, Chief Economist of the IMF. Given that the panel was at the end of the proceedings, Bill gave his answer to the question, conditioned by what he had heard during the conference. He concluded that we had not learned much, since thepolicies followed post crisis were “more of the same” policies folowed pre-crisis. To achieve a true paradigm shift will require economists embacing the idea that the economy is not a machine, but  a complex, adaptive system like many others in nature and society.

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Presentation to the Ambassadors to the OECD

William White, as chairman of the Economic and Development Review Committee at the OECD, was invited to speak to the Ambassadors at their annual retreat on the topic of the future work program of the OECD. He gave strong support to the OECD project called NAEC, New Approaches to Economic Challenges. This project was initiated by the Secretary General in recognition of the shortcomings of the analytical appraches relied upon prior to the crisis, which failed to see the crisis coming and also failed to predict both its magnitude and duration.

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