Things Keep Getting Worse. Time for a Total Reset?

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 worse
Posted by williamw in Publications

Conducting Monetary Policy in a Complex, Adaptive Economy

This 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 CapitalArticle
Posted by williamw in Publications

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