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_MaekawalectureFinalThere 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“Where to from here?” Remarks by William White at a symposium sponsored by the Federal Reserve Bank of Chicago, 23 September 2010
Sept_24_2010_FRBCPanelonRegulatory Reform.pdf
Sept_24_2010_FRBCPanelonRegulatory Reform_0Symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole Wyoming, August 2010
Aug_2010_Comments on After the Fall atJH.pdf
Aug_2010_Comments on After the Fall atJHBy Scott Lanman and Simon Kennedy
Publication: Bloomberg Date: 22 August 2010 23Aug2010_Bernanke Must Raise Benchmark 2 Points in Latest Rajan Warning.pdf
23Aug2010_Bernanke Must Raise Benchmark 2 Points in Latest Rajan WarningPrepared for the First International Research Conference on ‘Challenges to Central Banks in the Context of the Financial Crisis’ – sponsored by the Reserve Bank of India, Mumbai 11 13 February 2010
_0213_ResBankInddoc
Comments by William White on William Poole’s session prepared for the First International Research Conference, “Challenges to Central Banks in the context of the Financial Crisis” sponsored by the Reserve Bank of India , February 2010)
While the title of this session implies a focus on crisis management, the author has complemented such considerations with a number of comments on crisis prevention. I will indulge myself by doing the same.
020310_CommentsonPooleComments on Stephen Roach’s paper in Session III, First International Research Conference organised by the Reserve Bank of India, during February 12, 13 2010 – Mumbai
The global economy is in a big mess and, even though the analytical models do not show it, it is becoming increasingly accepted that excessive credit growth was somehow at the heart of this whole thing. The question now is what are we going to do to avoid such problems in the future?
RBI_Comments_Roach_200810y Daan Killemaes;
Publication: Trends / Trends Date: 26 November 2009 261109_Daan Killemaes-Trends.pdf
261109_Daan Killemaes-TrendsGlobalisation and Monetary Policy Institute, Working Paper no 34 Federal Reserve Bank of Dallas 2009
It has been contended by many in the central banking community that monetary policy would not be effective in “leaning” against the upswing of a credit cycle (the boom) but that lower interest rates would be effective in “cleaning” up (the bust) afterwards.
0809_Leanorclean Dallas_0