Monetary Policy

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In the News

External Benchmarks For Loan Pricing Puts Cart Before The Horse

quoting Raghuram Rajanvia The Economic Times
Wednesday, September 11, 2019

Moving floating interest rate loans would push banks, borrowers and the RBI itself into unchartered territories.

Analysis and Commentary

Low Bond Yields

by John H. Cochranevia Grumpy Economist
Sunday, September 8, 2019

Why are interest rates so low?Here is the 10 year bond yield, by itself and subtracting the previous year's inflation (CPI less food and energy). The 10 year yield has basically been on a downward trend since 1987.  One should subtract expected 10 year future inflation, not past inflation, and you can see the extra volatility that past inflation induces. But you can also see that real yields have fallen with the same pattern.

In the News

Why The Coming Recession Could Force The Federal Reserve To Swap Greenbacks For Digital Dollars

quoting Michael D. Bordo, Milton Friedmanvia Market Watch
Saturday, September 7, 2019

The Federal Reserve has never been more famous than it is today. It drew praise, and ire, for its handling of the financial crisis a decade ago, and the extraordinary measures it took subsequently to stimulate the U.S. economy have made it an important driver of financial markets. Meanwhile, President Trump has made its chairman, Jerome Powell, a household name by frequently criticizing the central bank’s policies on Twitter and to the press.

In the News

Reid Hoffman’s New ‘Hamilton’-Inspired Crypto Rap Video Is Straight Fire

mentioning Russell Robertsvia CoinDesk
Thursday, September 5, 2019

“I myself hold bitcoin,” Reid Hoffman, a co-founder of LinkedIn and a member of the PayPal Mafia, told CoinDesk as he described his reasons for releasing a new hip-hop video about central banks competing against cryptocurrency.

Featured

Edward Lazear: Markets Not Predicting A Recession In The Near Future?

interview with Edward Paul Lazearvia Fox Business
Wednesday, September 4, 2019

Hoover Institution fellow Ed Lazear discusses the US economy and the outlook for Federal Reserve policy.

Analysis and Commentary

Summers Tweet Stream On Secular Stagnation

by John H. Cochranevia Grumpy Economist
Friday, August 23, 2019

Larry Summers has an interesting tweet stream (HT Marginal Revolution) on the state of monetary policy. Much I agree with and find insightful: Can central banking as we know it be the primary tool of macroeconomic stabilization in the industrial world over the next decade?

Blank Section (Placeholder)Analysis and Commentary

The Specter Of Recession

interview with Richard A. Epsteinvia The Libertarian
Thursday, August 22, 2019

When does the prospect of an economic slowdown justify government intervention?

Analysis and Commentary

Choice Of IMF Managing Director Should Reflect 75 Years Of Change

by John B. Taylor mentioning Raghuram Rajanvia Economics One
Sunday, August 18, 2019

Last week Raghu Rajan and I coauthored an article for the Financial Times. We argued that the IMF should no longer continue the tradition that the Managing Director of the International Monetary Fund be a European. Instead, it should “break the mould by appointing the best possible candidate to the job, regardless of nationality,” and “hold an open competition” for the position.

Featured

The New IMF Head Should Not Be Dictated By The Tired, Old, EU Order

by John B. Taylor, Raghuram Rajanvia Financial Times
Sunday, August 11, 2019

[Subscription Required] It is not easy to predict where financial stresses that require alleviation by the IMF will emerge next, or what form the mitigation strategies will take. Almost certainly, though, after a period of extremely easy liquidity and associated leveraging in financial markets, the call on IMF advice and resources will be greater than in the past. Its support will have to take new forms. It will also have to sell economic-policy packages to a governing body from an increasingly multipolar world.

Analysis and Commentary

The Reader's Guide To Optimal Monetary Policy

by John H. Cochranevia Grumpy Economist
Wednesday, August 14, 2019

The Reader's Guide to Optimal Monetary Policy is a snazzy new website created by Anthony Diercks and Cole Langlois at the Federal Reserve Board.  

Pages

Economic Policy Working Group

 
The Working Group on Economic Policy brings together experts on economic and financial policy to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals.

Milton and Rose Friedman: An Uncommon Couple