Roster of Attendees, Economic Symposium

Total Page:16

File Type:pdf, Size:1020Kb

Roster of Attendees, Economic Symposium The Federal Reserve Bank of Kansas City hosted its first economic policy symposium in 1978 in Kansas City, Mo. After three years with an agricultural focus, the first monetary policy symposium was held in 1982 in Jackson Hole, Wyo. The location is the northwest corner of the Tenth Federal Reserve District, which includes western Missouri, Nebraska, Kansas, Oklahoma, Wyoming, Colorado, and northern New Mexico. Jackson Hole Economic Policy Symposium Hosts Thomas M. Hoenig President and Chief Executive Officer Federal Reserve Bank of Kansas City Esther L. George First Vice President and Chief Operating Officer Federal Reserve Bank of Kansas City Gordon H. Sellon, Jr. Senior Vice President and Director of Research Federal Reserve Bank of Kansas City Craig S. Hakkio Senior Vice President and Special Advisor on Economic Policy Federal Reserve Bank of Kansas City Diane M. Raley Senior Vice President, Public Information Officer and Secretary Federal Reserve Bank of Kansas City Attendee Muhammad Al-Jasser Governor Saudi Arabian Monetary Agency Sinan Alshabibi Governor Central Bank of Iraq David E. Altig Senior Vice President and Director of Research Federal Reserve Bank of Atlanta Attendee Edmund L. Andrews Economics Correspondent The New York Times Shuhei Aoki General Manager for the Americas Bank of Japan Alan J. Auerbach Professor University of California, Berkeley Jeannine Aversa Economics Writer The Associated Press Martin Barnes Managing Editor, The Bank Credit Analyst BCA Research Steve Beckner Senior Correspondent Market News International Ben S. Bernanke Chairman Board of Governors of the Federal Reserve System Richard Berner Managing Director, Co-Head of Global Economics and Chief U.S. Economist Morgan Stanley Nils Bernstein Governor Danmarks Nationalbank Alan S. Blinder Professor Princeton University Attendee Alan Bollard Governor Reserve Bank of New Zealand Henk Brouwer Executive Director De Nederlandsche Bank N.V. Alan Budd Senior Adviser Brevan Howard Asset Management James B. Bullard President and Chief Executive Officer Federal Reserve Bank of St. Louis Ricardo J. Caballero Professor Massachusetts Institute of Technology Mark J. Carney Governor Bank of Canada Jaime Caruana General Manager Bank for International Settlements Stephen G. Cecchetti Economic Adviser and Head of the Monetary and Economic Department Bank for International Settlements Todd E. Clark Vice President and Economist Federal Reserve Bank of Kansas City Attendee Luc Coene Deputy Governor National Bank of Belgium Lu Córdova Chief Executive Officer Corlund Industries Andrew Crockett President JPMorgan Chase International Dave Cummings Chairman of the Board Tradebot Systems, Inc. Charles H. Dallara Managing Director Institute of International Finance Troy A. Davig Assistant Vice President and Economist Federal Reserve Bank of Kansas City Paul DeBruce Chief Executive Officer DeBruce Grain, Inc. José De Gregorio Governor Central Bank of Chile Servaas Deroose Director European Commission Mario Draghi Governor Bank of Italy Attendee William Dudley President and Chief Executive Officer Federal Reserve Bank of New York Robert H. Dugger Managing Partner Hanover Investment Group LLC Elizabeth A. Duke Governor Board of Governors of the Federal Reserve System Charles Evans President and Chief Executive Officer Federal Reserve Bank of Chicago Martin Feldstein Professor, Harvard University President Emeritus, NBER Mark Felsenthal Correspondent Reuters Miguel Fernández Ordóñez Governor Bank of Spain Camden Fine President and Chief Executive Officer Independent Community Bankers of America Stanley Fischer Governor Bank of Israel Arminio Fraga Founding Partner Gávea Investimentos Attendee Jacob Frenkel Chairman and Chief Executive Officer Group of 30 Ardian Fullani Governor Bank of Albania William G. Gale Vice President and Director, Economic Studies The Brookings Institution Thomas D. Gallagher Head of Policy Research International Strategy & Investment Group, Inc. Mark Gertler Professor New York University Svein Gjedrem Governor Norges Bank Morris Goldstein Senior Fellow Peterson Institute for International Economics Charles Goodhart Professor London School of Economics Austan Goolsbee Chief Economist, President's Economic Recovery Advisory Board Member, Council of Economic Advisers Krishna Guha Chief U.S. Economics Correspondent Financial Times Attendee Angel Gurría Secretary-General Organisation for Economic Co-operation and Development Keith Hall Assistant Governor, Banking and Payments Reserve Bank of Australia Mojmir Hampl Vice Governor Czech National Bank Gerd Häusler Senior Advisor and Member of the Board of Directors RHJ International Philipp Hildebrand Vice Chairman Swiss National Bank Jon Hilsenrath Chief Economics Correspondent The Wall Street Journal R. Glenn Hubbard Dean Graduate School of Business, Columbia University John Hurley Governor Central Bank and Financial Services Authority of Ireland Stefan Ingves Governor Sveriges Riksbank Neil Irwin National Economy Correspondent The Washington Post Attendee Radovan Jelasic Governor National Bank of Serbia Jae Chun Kim Deputy Governor The Bank of Korea Donald L. Kohn Vice Chairman Board of Governors of the Federal Reserve System George Kopits Chairman Fiscal Council, Republic of Hungary Jeffrey Lacker President and Chief Executive Officer Federal Reserve Bank of Richmond Jean-Pierre Landau Deputy Governor Bank of France Scott Lanman Reporter Bloomberg News Jens Larsen Head, Monetary Instruments and Markets Division Bank of England Mickey D. Levy Chief Economist Bank of America Steven Liesman Senior Economics Reporter CNBC Attendee Erkki Liikanen Governor Bank of Finland Justin Yifu Lin Senior Vice President and Chief Economist The World Bank Lawrence Lindsey President and Chief Executive Officer The Lindsey Group John Lipsky First Deputy Managing Director International Monetary Fund Dennis P. Lockhart President and Chief Executive Officer Federal Reserve Bank of Atlanta Maya MacGuineas President Committee for a Responsible Federal Budget Brian F. Madigan Director, Division of Monetary Affairs Board of Governors of the Federal Reserve System John H. Makin Principal Caxton Associates, Inc. Philippa Malmgren President Principalis AM Tito T. Mboweni Governor South African Reserve Bank Attendee Henrique De Campos Meirelles Governor Central Bank of Brazil Allan Meltzer Professor, Carnegie Mellon University Visiting Scholar, American Enterprise Institute Yves Mersch Governor Central Bank of Luxembourg Loretta Mester Senior Vice President and Director of Research Federal Reserve Bank of Philadelphia Laurence H. Meyer Vice Chairman Macroeconomic Advisers Zanny Minton-Beddoes Economics Editor The Economist Frederic S. Mishkin Professor Graduate School of Business, Columbia University Michael H. Moskow Vice Chairman and Senior Fellow on the Global Economy The Chicago Council on Global Affairs Ewald Nowotny Governor Austrian National Bank Paul F. O'Brien Head, Fixed Income Strategy Abu Dhabi Investment Authority Attendee Athanasios Orphanides Governor Central Bank of Cyprus Guillermo Ortíz Governor Bank of Mexico Sandra Pianalto President and Chief Executive Officer Federal Reserve Bank of Cleveland Charles I. Plosser President and Chief Executive Officer Federal Reserve Bank of Philadelphia James Poterba President, National Bureau of Economic Research Professor, MIT Maya J. Randall Journalist Dow Jones Newswires Robert H. Rasche Executive Vice President and Director of Research Federal Reserve Bank of St. Louis Martín Redrado Governor Central Bank of Argentina Jean-Charles Rochet Professor University of Toulouse Kenneth S. Rogoff Professor Harvard University Attendee Christina Romer Chair Council of Economic Advisers David Romer Professor University of California, Berkeley Harvey Rosenblum Executive Vice President and Director of Research Federal Reserve Bank of Dallas Eric Rosengren President and Chief Executive Officer Federal Reserve Bank of Boston Jean-Pierre Roth Chairman Swiss National Bank Brian Sack Executive Vice President and Open Market Desk Officer Federal Reserve Bank of New York Roberto Salinas-León President Mexico Business Forum Klaus Schmidt-Hebbel Professor Catholic University of Chile Mark Schweitzer Senior Vice President and Director of Research Federal Reserve Bank of Cleveland Nathan Sheets Director, International Finance Division Board of Governors of the Federal Reserve System Attendee Masaaki Shirakawa Governor Bank of Japan András Simor Governor National Bank of Hungary Allen Sinai Chief Global Economist Decision Economics, Inc. Slawomir Skrzypek President National Bank of Poland Michelle A. Smith Assistant to the Board and Division Director Board of Governors of the Federal Reserve System Jürgen Stark Member of the Executive Board European Central Bank David J. Stockton Director, Division of Research and Statistics Board of Governors of the Federal Reserve System Daniel Sullivan Senior Vice President and Director of Research Federal Reserve Bank of Chicago Daniel K. Tarullo Governor Board of Governors of the Federal Reserve System John B. Taylor Professor, Stanford University Senior Fellow, Hoover Institution Attendee Umayya S. Toukan Governor Central Bank of Jordan Joseph Tracy Executive Vice President and Director of Research Federal Reserve Bank of New York Jean-Claude Trichet President European Central Bank Gertrude Tumpel-Gugerell Member of the Executive Board European Central Bank José Darío Uribe Governor Central Bank of Colombia Chris P. Varvares President National Association
Recommended publications
  • University of Surrey Discussion Papers in Economics By
    råáp=== = = ======råáîÉêëáíó=çÑ=pìêêÉó Discussion Papers in Economics THE DISSENT VOTING BEHAVIOUR OF BANK OF ENGLAND MPC MEMBERS By Christopher Spencer (University of Surrey) DP 03/06 Department of Economics University of Surrey Guildford Surrey GU2 7XH, UK Telephone +44 (0)1483 689380 Facsimile +44 (0)1483 689548 Web www.econ.surrey.ac.uk ISSN: 1749-5075 The Dissent Voting Behaviour of Bank of England MPC Members∗ Christopher Spencer† Department of Economics, University of Surrey Abstract I examine the propensity of Bank of England Monetary Policy Committee (BoEMPC) members to cast dissenting votes. In particular, I compare the type and frequency of dissenting votes cast by so- called insiders (members of the committee chosen from within the ranks of bank staff)andoutsiders (committee members chosen from outside the ranks of bank staff). Significant differences in the dissent voting behaviour associated with these groups is evidenced. Outsiders are significantly more likely to dissent than insiders; however, whereas outsiders tend to dissent on the side of monetary ease, insiders do so on the side of monetary tightness. I also seek to rationalise why such differences might arise, and in particular, why BoEMPC members might be incentivised to dissent. Amongst other factors, the impact of career backgrounds on dissent voting is examined. Estimates from logit analysis suggest that the effect of career backgrounds is negligible. Keywords: Monetary Policy Committee, insiders, outsiders, dissent voting, career backgrounds, ap- pointment procedures. Contents 1 Introduction 2 2 Relationship to the Literature 2 3 Rationalising Dissent Amongst Insiders and Outsiders - Some Priors 3 3.1CareerIncentives........................................... 4 3.2CareerBackgrounds........................................
    [Show full text]
  • Monetary Policy and Bank Risk-Taking: Evidence from the Corporate Loan Market
    Monetary Policy and Bank Risk-Taking: Evidence from the Corporate Loan Market Teodora Paligorova∗ Bank of Canada E-mail: [email protected] Jo~aoA. C. Santos∗ Federal Reserve Bank of New York and Nova School of Business and Economics E-mail: [email protected] November 22, 2012 Abstract Our investigation of banks' corporate loan pricing policies in the United States over the past two decades finds that monetary policy is an important driver of banks' risk-taking incentives. We show that banks charge riskier borrowers (relative to safer borrowers) lower premiums in periods of easy monetary policy than in periods of tight monetary policy. This interest rate discount is robust to borrower-, loan-, and bank-specific factors, macroe- conomic factors and various types of unobserved heterogeneity at the bank and firm levels. Using individual bank information about lending standards from the Senior Loan Officers Opinion Survey (SLOOS), we unveil evidence that the interest rate discount for riskier borrowers in periods of easy monetary policy is prevalent among banks with greater risk appetite. This finding confirms that the loan pricing discount we observe is indeed driven by the bank risk-taking channel of monetary policy. JEL classification: G21 Key words: Monetary policy, risk-taking channel, loan spreads ∗The authors thank Jose Berrospide, Christa Bouwman, Daniel Carvalho, Scott Hendry, Kim Huynh, David Martinez-Miera and seminar participants at Nova School of Business and Economics, SFU Beedie School of Business, the 2012 FIRS Meeting in Minneapolis, and the 2012 Bank of Spain and Bank of Canada \International Financial Markets" Workshop for useful comments.
    [Show full text]
  • The Political Economy of Tax Policy
    IFS The Political Economy of Tax Policy James Alt Ian Preston Luke Sibieta Prepared for the Report of a Commission on Reforming the Tax System for the 21st Century, Chaired by Sir James Mirrlees www.ifs.org.uk/mirrleesreview The Institute for Fiscal Studies Full Report to be published by Oxford University Press The Political Economy of Tax Policy1 Final Draft for Mirrlees Review 12 March 2008 Do not cite or quote without the authors’ permission Professor James Alt, Harvard University Professor Ian Preston, University College London and the Institute for Fiscal Studies Luke Sibieta, Institute for Fiscal Studies 1 The authors thank Stuart Adam, Lucy Barnes, Tim Besley, Ian Brimicombe, Alan Budd, Judith Freedman, Rachel Griffith, James Hines, Paul Johnson, Alison Post, James Poterba, Christopher Sanger, Guido Tabellini, Christopher Wales and conference participants in Cambridge for their helpful comments and suggestions 1 Executive Summary This chapter reviews major changes in British tax-setting institutions in the last quarter century and highlights four key points about the politics of tax policy, which are summarised below. The chapter also makes policy recommendations, such as for improving scrutiny and parliamentary accountability; these are also summarised below. A “passive” movement to the right The chapter analyses whether changes in voter preferences and strategic party positioning could explain declines in statutory rates of income tax. What we discover is that electoral support has moved to the right, though voters seem to have followed rather than led the changing content of party manifestos. Voters have always favoured redistribution, particularly from those with the highest incomes to those with the lowest incomes.
    [Show full text]
  • What Have We Learned? Macroeconomic Policy After the Crisis
    What Have We Learned? What Have We Learned? Macroeconomic Policy after the Crisis edited by George Akerlof, Olivier Blanchard, David Romer, and Joseph Stiglitz The MIT Press Cambridge, Massachusetts London, England © 2014 International Monetary Fund and Massachusetts Institute of Technology All rights reserved. No part of this book may be reproduced in any form by any elec- tronic or mechanical means (including photocopying, recording, or information storage and retrieval) without permission in writing from the publisher. Nothing contained in this book should be reported as representing the views of the IMF, its Executive Board, member governments, or any other entity mentioned herein. The views expressed in this book belong solely to the authors. MIT Press books may be purchased at special quantity discounts for business or sales promotional use. For information, please email [email protected]. This book was set in Sabon by Toppan Best-set Premedia Limited, Hong Kong. Printed and bound in the United States of America. Library of Congress Cataloging-in-Publication Data What have we learned ? : macroeconomic policy after the crisis / edited by George Akerlof, Olivier Blanchard, David Romer, and Joseph Stiglitz. pages cm Includes bibliographical references and index. ISBN 978-0-262-02734-2 (hardcover : alk. paper) 1. Monetary policy. 2. Fiscal policy. 3. Financial crises — Government policy. 4. Economic policy. 5. Macroeconomics. I. Akerlof, George A., 1940 – HG230.3.W49 2014 339.5 — dc23 2013037345 10 9 8 7 6 5 4 3 2 1 Contents Introduction: Rethinking Macro Policy II — Getting Granular 1 Olivier Blanchard, Giovanni Dell ’ Ariccia, and Paolo Mauro Part I: Monetary Policy 1 Many Targets, Many Instruments: Where Do We Stand? 31 Janet L.
    [Show full text]
  • The Appointment of Mr. Erkki Liikanen As Chair of the IFRS Foundation Trustees
    IFRS Foundation Monitoring Board Press release Madrid, 18 July 2018 Statement of the IFRS Foundation Monitoring Board on the appointment of Mr. Erkki Liikanen as Chair of the IFRS Foundation Trustees The IFRS Foundation Monitoring Board is pleased to announce that it has approved the appointment by the IFRS Foundation Trustees of Mr. Erkki Liikanen as Chair of the Trustees. Mr. Liikanen has a distinguished career in financial regulation and policy making. He has held various senior posts, including Minister of Finance of Finland, Governor of the Bank of Finland, member of the Governing Council of the European Central Bank and EC Commissioner for Budget, Personnel and Administration. Mr. Liikanen, who succeeds Mr. Michel Prada, will lead the IFRS Foundation Trustees in advancing their objectives of developing a single set of high- quality, understandable, enforceable, and globally accepted accounting standards and promoting and facilitating the adoption of IFRS globally. The Monitoring Board would like to thank Mr. Prada for his dedicated leadership and close collaboration with the Monitoring Board and to acknowledge the enormous contribution he has made to the IFRS Foundation. Jean-Paul Servais, Chairman of the Monitoring Board, said: “On behalf of the Monitoring Board, I would like to welcome the appointment of Erkki as Chair of the IFRS Foundation Trustees. I am convinced that Erkki´s wealth of international experience at the most senior levels, his breadth of knowledge of the financial sector, as well as his international network and diplomatic skills, will be instrumental in leading the IFRS Foundation in this period. I am looking forward to working closely with Erkki and the Trustees to accomplish our shared goals of promoting the continued development of high-quality global accounting standards and enhancing the public accountability of the IFRS Foundation.
    [Show full text]
  • Curriculum Vital February 2017 GABRIEL
    Curriculum Vital February 2017 GABRIEL JIMÉNEZ ZAMBRANO Bank of Spain Directorate General of Financial Stability and Resolution Financial Stability Department Alcalá, 50 28014 Madrid, Spain Phone: + 34 91 338 57 10 e-mail: [email protected] EDUCATION Abril 2013 ESADE: Executive MBA on Leadership Development, June 2001 CEMFI (Bank of Spain): MSc in Economics and Finance. June 1999 University Complutense of Madrid: Bachelor of Arts Degree in Mathematics (Special Prize) WORK EXPERIENCE Since May 2015 Head of the Regulatory Impact Assessment Unit, Directorate General Financial Stability and Resolution, Financial Stability Department, Banco de España. Dec. 2007-April 2015 Head of the Banking Sector Analysis Unit, Directorate General Regulation, Financial Stability Department, Banco de España. Sept. 01-Nov. 07 Economist, Directorate General Regulation, Financial Stability Department, Banco de España. PRIZES 2015 Jaime Fernández de Araoz on Corporate Finance PUBLICATIONS (in chronological order) When Credit Dries Up: Job Losses in the Great Recession (with S. Bentolila and M. Jansen) Journal of the European Economic Association, forthcoming, 2017. Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments (with S. Ongena, J. L. Peydró and J. Saurina) Journal of Political Economy, forthcoming, 2017. 1 Hazardous Times for Monetary Policy: What do Twenty-Three Million Bank Loans say About the Effects of Monetary Policy on Credit Risk-Taking? (with S. Ongena, J. L. Peydró and J. Saurina) Econometrica, 82 (2), 463-505, 2014. How Does Competition Impact Bank Risk Taking? (with J. A. López and J. Saurina) Journal of Financial Stability, 9, 185-195, 2013. Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications (with S.
    [Show full text]
  • The Global Financial Crisis – Why Didn't Anybody Notice?
    8 THE GLOBAL FINANCIAL CRISIS – WHY DIDN’T ANYBODY NOTICE? The Global Financial Crisis – Why Didn’t Anybody Notice? On 17 June 2009, a group of leading academics, economics journalists, politicians, civil servants, and other practitioners met at the British Academy for a round-table discussion of the current financial crisis. The question under discussion in this British Academy Forum had been framed by Her Majesty The Queen on a visit to the London School of Economics in November 2008, when she had asked: if these things were so large, how come everyone missed them? A purpose of the Forum was to provide the basis of an ‘unofficial command paper’ that attempted to answer this question. The discussion inevitably ranged more widely – touching on the social fall-out of the crisis, and including a plea for a greater emphasis on the teaching of economic history in universities. But it was with The Queen’s question in mind that the two convenors of the meeting, Professor Tim Besley FBA and Professor Peter Hennessy FBA , subsequently drafted a letter summarising the discussion: it was sent to Buckingham Palace on 22 July. MADAM, When Your Majesty visited the London School of Economics last November, you quite rightly asked: why had nobody noticed that the credit crunch was on its way? The British Academy convened a forum on 17 June 2009 to debate your question, with contributions from a range of experts from business, the City, its regulators, academia, and government. This letter summarises the views of the participants and the factors that they cited in our discussion, and we hope that it offers an answer to your question.
    [Show full text]
  • Payments Council Annual Report
    Annual report 1 (4) 31.1.2018 Unrestricted Payments Council Annual Report The Payments Council is a cooperation body created in 2014 on the initiative of the Bank of Finland. It is a forum that brings together payment service users, providers and authorities for open discussion and exchange of ideas on payments. The activities of the Payments Council are guided by a particular vision: Finland to become a leader in the area of payment efficiency. The main purpose is to facilitate the social efficiency of payments. This refers not only to technical or cost efficiency, but also to security, ease of use, non-discrimination, and integration of payments into companies’ financial administration processes. The objective of the Payments Council is to support the use of advanced, internationally compatible payment methods that are efficient for society as a whole. In its activities, the Payments Council puts particular emphasis on the security and reliability of payments, the availability and usability of payment services, and the efficiency of payment solutions. Participants in the Payment Council Responsibility for the practical organisation of the Payments Council’s work lies with the Bank of Finland. Since 1 February 2017, the Payments Council was chaired by Olli Rehn, Member of the Board of the Bank of Finland. The Payments Council consists of representatives of payment service users, providers and authorities. The following are participants in the work of the Payments Council: the Confederation of Finnish Industries, the Finnish Federation for Communications and Teleinformatics (FiCom), Finance Finland, the Social Insurance Institution of Finland (Kela), the Finnish Commerce Federation, the Finnish Competition and Consumer Authority, the Consumers’ Union, Nordea Bank AB (publ) Finnish Branch, OP Group, the Federation of Finnish Enterprises, the Ministry of Employment and the Economy, the Prime Minister’s Office, the Ministry of Finance and the Bank of Finland.
    [Show full text]
  • The Conduct of Monetary Policy in the Face of Technological Change: Theory and Postwar U.S
    BANCO DE MÉXICO 407 The Conduct of Monetary Policy in the Face of Technological Change: Theory and Postwar U.S. Evidence Jordi Gali* Abstract The present paper analyzes the implications of technological change for the design and conduct of monetary policy, using an optimizing sticky price model as a reference framework. I show how the optimal policy seeks to insulate the price level from the effects of changes in productivity. I provide some evidence that suggests that the Federal Reserve has responded to technological change in a way consistent with that rule in the Volcker-Greenspan era, but not during the pre-Volcker period. The second part of the paper discusses the conceptual difference between the notion of output gap arising in the new sticky price para- digm, and conventional measures of that variable. I also provide some evidence, based on postwar U.S. data, of the quantitative significance of that discrepancy. Finally, I perform a simple exercise to illustrate how a well intentioned monetary policy designed to stabilize inflation and the output gap could lead to unnecessary instability in both vari- ables if a conventional (but incorrect) measure of the output gap was used. ∗Prepared for the conference on Stabilization and Monetary Policy: the International Experience hosted by the Banco de México, November 14-15, 2000. Parts of the paper draw on past and ongoing work in collaboration with Mark Gertler, David Lopez- Salido, and Javier Valles They do not share responsibility for any errors or misinterpretation contained in the present paper. 408 STABILIZATION AND MONETARY POLICY I. Introduction A number of developments taking place in recent years have brought technological change to the forefront of the economic policy debate.
    [Show full text]
  • Monetary Policy Rules in the Pre-Emu Era Is There a Common Rule?1
    WORKING PAPER SERIES NO 659 / JULY 2006 MONETARY POLICY RULES IN THE PRE-EMU ERA IS THERE A COMMON RULE? ISSN 1561081-0 by Maria Eleftheriou, Dieter Gerdesmeier 9 771561 081005 and Barbara Roffia WORKING PAPER SERIES NO 659 / JULY 2006 MONETARY POLICY RULES IN THE PRE-EMU ERA IS THERE A COMMON RULE?1 by Maria Eleftheriou 2, Dieter Gerdesmeier and Barbara Roffia 3 In 2006 all ECB publications will feature This paper can be downloaded without charge from a motif taken http://www.ecb.int or from the Social Science Research Network from the €5 banknote. electronic library at http://ssrn.com/abstract_id=913334 1 The paper does not necessarily reflect views of either the European Central Bank or the European University Institute. 2 European University Institute, Economics Department, e-mail: [email protected]. Supervision and support by Professor Helmut Lütkepohl and Professor Michael J. Artis are gratefully acknowledged. 3 European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany; fax: 0049-69-13445757; e-mail: [email protected] and e-mail: [email protected] Very useful comments by F. Smets and an anonymous referee are gratefully acknowledged. © European Central Bank, 2006 Address Kaiserstrasse 29 60311 Frankfurt am Main, Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main, Germany Telephone +49 69 1344 0 Internet http://www.ecb.int Fax +49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Any reproduction, publication and reprint in the form of a different publication, whether printed or produced electronically, in whole or in part, is permitted only with the explicit written authorisation of the ECB or the author(s).
    [Show full text]
  • It's All in the Mix: How Monetary and Fiscal Policies Can Work Or Fail
    GENEVA REPORTS ON THE WORLD ECONOMY 23 Elga Bartsch, Agnès Bénassy-Quéré, Giancarlo Corsetti and Xavier Debrun IT’S ALL IN THE MIX HOW MONETARY AND FISCAL POLICIES CAN WORK OR FAIL TOGETHER ICMB INTERNATIONAL CENTER FOR MONETARY AND BANKING STUDIES CIMB CENTRE INTERNATIONAL D’ETUDES MONETAIRES ET BANCAIRES IT’S ALL IN THE MIX HOW MONETARY AND FISCAL POLICIES CAN WORK OR FAIL TOGETHER Geneva Reports on the World Economy 23 INTERNATIONAL CENTER FOR MONETARY AND BANKING STUDIES (ICMB) International Center for Monetary and Banking Studies 2, Chemin Eugène-Rigot 1202 Geneva Switzerland Tel: (41 22) 734 9548 Fax: (41 22) 733 3853 Web: www.icmb.ch © 2020 International Center for Monetary and Banking Studies CENTRE FOR ECONOMIC POLICY RESEARCH Centre for Economic Policy Research 33 Great Sutton Street London EC1V 0DX UK Tel: +44 (20) 7183 8801 Fax: +44 (20) 7183 8820 Email: [email protected] Web: www.cepr.org ISBN: 978-1-912179-39-8 IT’S ALL IN THE MIX HOW MONETARY AND FISCAL POLICIES CAN WORK OR FAIL TOGETHER Geneva Reports on the World Economy 23 Elga Bartsch BlackRock Investment Institute Agnès Bénassy-Quéré University Paris 1 Panthéon-Sorbonne, Paris School of Economics and CEPR Giancarlo Corsetti University of Cambridge and CEPR Xavier Debrun National Bank of Belgium and European Fiscal Board ICMB INTERNATIONAL CENTER FOR MONETARY AND BANKING STUDIES CIMB CENTRE INTERNATIONAL D’ETUDES MONETAIRES ET BANCAIRES THE INTERNATIONAL CENTER FOR MONETARY AND BANKING STUDIES (ICMB) The International Center for Monetary and Banking Studies (ICMB) was created in 1973 as an independent, non-profit foundation.
    [Show full text]
  • Annual Performance Report 2019, June 2020
    Annual Performance Report 2019 June 2020 B O A R D O F G O V E R N O R S O F T H E F E D E R A L R E S E R V E S YSTEM Annual Performance Report 2019 June 2020 B O A R D O F G O V E R N O R S O F T H E F E D E R A L R E S E R V E S YSTEM This and other Federal Reserve Board reports and publications are available online at https://www.federalreserve.gov/publications/default.htm. To order copies of Federal Reserve Board publications offered in print, see the Board’s Publication Order Form (https://www.federalreserve.gov/files/orderform.pdf) or contact: Printing and Fulfillment Mail Stop K1-120 Board of Governors of the Federal Reserve System Washington, DC 20551 (ph) 202-452-3245 (fax) 202-728-5886 (email) [email protected] iii Preface Congress founded the Federal Reserve System accountable to the general public and the (System) in 1913 as the central bank of the United Congress. States. While established as an independent central • Integrity. The Board adheres to the highest stan- bank, it is subject to oversight by the Congress and dards of integrity in its dealings with the public, must work within the framework of the overall the U.S. government, the financial community, and objectives of economic and financial policy estab- its employees. lished by its enabling statutes. Over time, the Con- gress has expanded the Federal Reserve’s role in the • Excellence.
    [Show full text]