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Tag Archives: Speech / Interviews

Does Federal Reserve’s move towards Flexible Average IT mean end of independent central banks?

David Marsh of OMFIF in this interview discusses the political economy of Fed’s recent change to FAIT: Der Spiegel: Critics say that the basket of goods and services used by the ECB to measure the inflation rate, which in turn is the basis of its monetary policy, is calculated incorrectly. Do you agree with that criticism? Marsh: I think so, yes. The real inflation is higher. As I said, real estate prices, including rents, are decisive for the cost of living and the shopping basket does...

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Central Bank of Jamaica’s reggae based communication policy: Proof of pudding lies in its eating

Jamaica’s former central bank governor Brian Wynter in this IMF interview: F&D: The Bank of Jamaica used popular reggae music to explain the benefits of low and stable inflation to a public long accustomed to focusing on the exchange rate. Did this approach pay off? BW: I do not think we have seen the payoff yet. This was a direct appeal to our population: the reggae music, TV and radio ads, and especially the billboards that are still out there saying that inflation is a...

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Going negative: the ECB’s experience

Isabel Schnabel of ECB, reviews ECB’s negative interest rate policy: First, the ECB’s negative interest rate policy has been successful in turning the zero lower bound into an effective lower bound well below zero and supporting bank lending. This fundamentally improved monetary transmission and helped to stimulate the economy and raise inflation. Second, negative rates can have side effects on banks’ profitability and risk-taking behaviour. That said, the experience of the euro area...

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Small country, big challenges: Switzerland’s monetary policy response to the pandemic

Thomas Jordan, Chairman of Swiss National Bank gave the 2020 IMF Michel Camdessus lecture. He spoke on the monetary policy measures taken by SNB during the crisis: Our experience underlines how exposed small countries are to international developments. Spillovers from abroad require continuous adjustments to our monetary policy, and sometimes difficult decisions taking into account comprehensive cost-benefit analyses. In anenvironment of low interest rates worldwide, we were forced to...

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Bank of Korea’s 70th anniversary

Bank of Korea was established on 12 June 1950. The current Central Bank Governor Lee Juyol gave a speech on the anniversary He rightly says this is not the time to self-congratulate: Today is the 70th anniversary of the Bank of Korea’s establishment. I wish to express my sincere gratitude to our predecessors who devoted themselves to the development of the Bank of Korea and our economy, and to the many people who have supported and encouraged the Bank. I would like to say in addition how...

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Inflation statistics difficult to interpret during the current crisis

Riskbank Deputy Governor Henry Ohlsson in this speech talks on difficulting of computing and interpreting inflation data: Under normal circumstances, monetary policy can be based on the analysis of along line of economic quantities. As monetary policy is conducted with an inflation target, the statistics on inflation outcomes become particularly important. During the economic crisis an obvious problem with inflation statistics has been that there are no prices for the goods and services...

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From Great Lockdown to Great Transformation

Kristalina Georgieva of IMF in this speech: It is wonderful to have the chance to talk to your global audience, because we know U.S. companies play a huge role all over the world. The IMF and the U.S. Chamber of Commerce have been partners for decades, and we are united in our support for the simple concept that private sector-led growth improves opportunities for people everywhere. At the Fund, our focus has been on the macroeconomic policies that underpin this. And we have stepped up...

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How City of Medellin transitioned from world’s most violent city to one of the most innovative, inclusive, and sustainable cities in the world.

In 1988, a Time Magazine article called Medellin, a city in Colombia as the most dangerous city in the world. However, in the next few decades the city turned around its fortunes to become one of the most interesting cities in the world. Federico Gutiérrez, the mayor of the city from 2016 to Jan-2020 in this IMF interview tells us about the transition. F&D: What was the turning point for Medellín? FG: In the 1980s and 1990s our society hit rock bottom with the tragedy of...

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Pandemic central banking: the monetary stance, market stabilisation and liquidity

Philip Lane, chief economist and Board Member ECB in this speech reviews ECB’s policy during the crisis. In my recent blog post, I described the range of scenarios that have been developed by ECB staff to support the analysis of the near-term and medium-term macroeconomic dynamics in the context of the coronavirus (COVID-19) crisis.[1],[2] I also explained the current monetary policy of the ECB and outlined our approach to setting the future course of monetary policy. My remarks today...

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Interview of Joshua Angrist: On charter schools, the elite illusion, and the “Stones Age” of econometrics

Nice interview of Prof Joshua Angrist of MIT: As a teenager growing up in Pittsburgh, Joshua Angrist became fed up with high school and said his goodbyes to it after his junior year. Today, at the Massachusetts Institute of Technology, he’s a top researcher in labor economics and the economics of education — with work that includes a series of famed studies of policy choices for K-12 schooling. Much of his work has been based on ingenious “natural experiments,” that is, episodes in...

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