About 2 weeks ago
Money And Banking
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1y ago
In the remainder of this post, we summarize the USMPF report’s analysis and conclusions…. published in December, most U.S. Federal Open Market Committee (FOMC) participants anticipate a largely benign return to price stability, without a decline in real GDP or a rise of the unemployment rate to much more than 4½ percent. Is this optimism justified? Pointing to the historical record, some prominent analysts wonder whether it is possible to engineer such a large disinflation at what would be such a low cost (see, for example, that we wrote with Michael Feroli, Peter Hooper and Frederic Mishkin ..read more
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About 2 months ago
Money And Banking
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1y ago
On December 20, one of us (Steve) engaged in a debate with of the Wharton School on whether crypto should face federal financial regulation. Hosted by the Hutchins Center on Fiscal and Monetary Policy at Brookings , you can watch the one-hour debate . We found both the questions and the discussion very enlightening. In this post, we will summarize our views, as well as those of Professor Conti-Brown ..read more
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About a week ago
Money And Banking
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1y ago
In the remainder of this post, we summarize the USMPF report’s analysis and conclusions…. published in December, most U.S. Federal Open Market Committee (FOMC) participants anticipate a largely benign return to price stability, without a decline in real GDP or a rise of the unemployment rate to much more than 4½ percent. Is this optimism justified? Pointing to the historical record, some prominent analysts wonder whether it is possible to engineer such a large disinflation at what would be such a low cost (see, for example, that we wrote with Michael Feroli, Peter Hooper and Frederic Mishkin ..read more
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Central bank digital currency
Money And Banking
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1y ago
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Hutchins Center on Fiscal and Monetary Policy at Brookings
Money And Banking
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1y ago
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The End of Alchemy
Money And Banking
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1y ago
, our friend and former Bank of England Governor Mervyn King provided a template for financial reform aimed at reducing the frequency and severity of crises. At the time, for two reasons. First, we believed that adoption of King’s framework would vastly increase the influence of central banks on private financial markets, something that could ultimately lead to a misallocation of resources in the economy and to a diminution of the independence of monetary policy that is necessary for securing price stability. Second, we doubted that most central banks had the technical capacity to implement th ..read more
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Increasing likelihood of a near-term recession
Money And Banking
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1y ago
Against this background, we commend the FOMC for its recent efforts. Not only is policy moving quickly in the right direction, but communication improved markedly. In particular, despite the increasing likelihood of a near-term recession , Chair Powell made clear that price stability is for achieving the second part of the Fed’s dual mandate. We suspect that the combination of the Fed’s recent promise to make policy restrictive, along with its improved communications, is playing a key role in anchoring ..read more
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Policy
Money And Banking
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1y ago
Since May 2021, we have criticized the Federal Reserve’s lagging response to surging inflation. In our view, both were inadequate to address the looming challenge. Early this year, we argued that the Fed created a policy crisis by refusing to acknowledge the rise of inflation, maintaining a hyper-expansionary policy well after trend inflation reached levels far above their 2% target , and failing to articulate a credible low-inflation policy ..read more
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Summary of Economic Projections
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1y ago
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Too big to fail
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1y ago
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