Category Archives: Monetary Policy

Macroeconomic Modelling of Pandemics at Warp Speed

A pressing research issue with deep policy relevance concerns how econometric models should be adapted, changed, or modified in light of the COVID-19 pandemic.  A new Webinar series–Macroeconomic Modelling and Pandemics–has been created to examine this issue, to exchange views … Continue reading

Posted in Fiscal Policy and Reforms, International Economics, Monetary Policy

A Conference That Would Have Been and Still Will Be

Two months ago, on March 14, 2020, we cancelled our annual Hoover monetary policy conference at Stanford on “Central Bank Strategy Reviews and Their Global Impact” then scheduled for May 1, 2020. The reason was that Stanford declared that “university … Continue reading

Posted in Monetary Policy

A Fast and Fun Way to Learn about Rules Versus Discretion

The Hoover Institution has initiated a fascinating Perspectives on Policy video series in which experienced experts give clear explanations of key policy issues assisted by the latest in animation technology. This is not the typical video of talking heads as … Continue reading

Posted in Monetary Policy

Central Bank Independence Is Not Enough

Four former chairs of the Fed  wrote in the Wall Street Journal today about the importance of Fed independence. I agree, but their article should have emphasized that independence is not enough.  Economic performance has been affected by large shifts … Continue reading

Posted in Monetary Policy

Africa Meeting of Econometricians: History, Revival and Ways Forward

I just spent a wonderful few days at the 2019 Africa Meeting of the Econometric Society held in Rabat, Morocco with the central bank, the Bank Al-Maghrib, providing an excellent venue.  Congratulations to the Bank Al Maghrib for its 60th … Continue reading

Posted in Financial Crisis, Monetary Policy

Recent Decisions and Rules of the Fed

Last week, after attending monetary policy conferences at Stanford, Chicago and Frankfurt, I put forth evidence in EconomicsOne.com of a revival of research on monetary policy rules for the instruments, whether at the conferences, in research papers, or in Fed publications. … Continue reading

Posted in Monetary Policy

Three Attributes of a Sustainable Open and Stable Global Order

The IMF/World Bank meetings were held in Bali last week. In addition to the many good beaches there were many good panels including one I was on with Mark Carney and Agustin Carstens. It was organized by the Group of … Continue reading

Posted in International Economics, Monetary Policy