Biographies of Contributors
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
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. -
Glenn Stevens: Inflation Targeting - a Decade of Australian Experience1
Glenn Stevens: Inflation targeting - a decade of Australian experience1 Address by Mr Glenn Stevens, Deputy Governor of the Reserve Bank of Australia, to South Australian Centre for Economic Studies April 2003 Economic Briefing, Adelaide, 10 April 2003. * * * It is a pleasure to be here in Adelaide to take part in this Economic Briefing. As the title of this address makes clear, I would like to look back over a decade of experience using an inflation target for monetary policy in Australia. Just a couple of weeks ago saw the tenth anniversary of a speech by Bernie Fraser, then Governor of the Reserve Bank, in which the outlines of our target can be seen.2 It was, admittedly, a tentative beginning – there was no drum roll, or breathless talk of a new era. A reasonably careful reading of that speech was (and is) needed to see the contours of the approach to monetary policy which was being developed, and the framework was not fully formalised until the 1996 Statement on the Conduct of Monetary Policy.3 It is perhaps for this reason that some commentators believe that inflation targeting in Australia in fact began much later. But those who were there at the time – as I was – saw the material in that and a couple of other speeches of the period as quite significant, in that it associated intent of policy with numerical objectives for inflation, even if only fairly broadly defined ones. The behaviour of policy over the ensuing years was, moreover, quite consistent with those ideas. Hence I remain happy to claim that inflation targeting in Australia began about ten years ago in the first half of 1993. -
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. -
WARWICK J. Mckibbin December 2015 Email
WARWICK J. McKIBBIN December 2015 Email: [email protected] Website: www.wjmckibbin.com Current Positions: Vice Chancellor’s Chair in Public Policy (ANU Professor 1993- ) and Director, Centre for Applied Macroeconomic Analysis (Nov 2014-), Crawford School of Public Policy in the ANU College of Asia and the Pacific; Other Affiliations: Non-Resident Senior Fellow and co-Director Climate and Energy Economics Project; & a scholar in the Centre on Social Dynamics and Policy; & a scholar in the Hutchins Center on Fiscal and Monetary Policy, The Brookings Institution, USA, (1993- ); President, McKibbin Software Group Inc. (USA) (1990- ); Director, McKibbin Software Group Pty Ltd. (Australia) (1993- ); Director, EconomicScenarios.com Pty Ltd (2002- ). Education: PhD Economics, Harvard University, 1986; A.M. Economics, Harvard University, 1984; B.Comm. Joint Honours Class 1 in Economics and Econometrics, University of New South Wales, Australia, 1980; The Entrance High School, 1974. Awards: The Centenary Medal - “For Service to Australian Society through Economic Policy and Tertiary Education” (2003); Distinguished Fellow, Asia and the Pacific Policy Society (2012) Public Policy Fellow, ANU Public Policy Fellows Program (2012) Fellow of the Academy of Social Sciences, Australia, (1997); University Medal, University of NSW, Australia (1980). Paper on “Globalization and Disease” named as one of 50 Most Influential papers ever published by MIT Press Journals (2012) Research Interests: Fields - Economic modeling; macroeconomic policy, environmental -
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. -
Super-Power by Ross Garnaut [These Are Notes I Have Made for Myself from the Text After I Have Finished Reading It
Super-power by Ross Garnaut [These are notes I have made for myself from the text after I have finished reading it. My copy is now heavily marked with pencil!] 1 CHAPTER 1 A PERSONAL REFLECTION ON AUSTRALIA’S CLIMATE CHANGE ODYSSEY 4-5 MDBA, Feb 2019: 5 major b-gr algae blooms in last 13 years; 4 in previous 65. 5 2012, MDBA: 1961-90 avg runoff / annum = 48mm; 1999-2008 = 27 mm Difficult to differentiate natural variation from climate chg impacts, so they didn’t take forecasts into account → not enough water to supply even the minimum of plan 5 Paris Agr – all signatories agreed to work to keep temp increases to 1.5C – need to work ‘decisively towards zero net emissions by 2050.’ 7 ‘I worked with partners in South Australia to develop Zen Energy’ – towards renewable energy production in SA + Whyalla Steelworks – now with Sunshot Energy 8-9 ‘Now, much more than was anticipated a decade ago, we can be confident that we will be richer materially sooner rather than later, as well as very much richer in human and natural heritage, should we embrace a zero-emissions future.’ BECAUSE i. ‘Per person, Australia has natural resources for renewable energy superior to any other developed country and far superior to our important economic partners in northeast Asia. Together with our strengths in mining, this makes us the natural home of processing mineral ores and some foodstuffs.’ ii. ‘… the immense opportunity for capturing and sequestering, at relatively low cost, atmospheric carbon in soils, pastures, woodlands, forests and plantations.’ 12 ‘The low-carbon world economy will be especially favourable for rural and provincial Australia.’ 13 Maybe the mess we leave will be ‘manageable’ 15 CHAPTER 2 EXORCISING THE DIABOLICAL POLICY PROBLEM 16 CLIMATE CHANGE AND ECONOMIC DEVELOPMENT -- ‘Climate change will not be stopped by ending development. -
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). -
Select List of Delegates Boao Forum for Asia Sydney Conference Government International/Regional Organizations Business
As of July 3, 2015 Select List of Delegates Boao Forum for Asia Sydney Conference Government Tony Abbott MP, Prime Minister of Australia Yasuo FUKUDA, Former Prime Minister, Japan Bob HAWKE, Former Prime Minister, Australia Jenny SHIPLEY, former Prime Minister, New Zealand Glenn STEVENS, Governor, Reserve Bank of Australia Bob CARR, Former Foreign Minister, Australia Mike BAIRD, Premier of NSW Wayne BYRES, Chairman, Australian Prudential Regulatory Authority Sally LOANE, CEO, Financial Services Council Greg MEDCRAFT, Chairman, Australian Securities and Investment Commission Zhang Xiaohui, Assistant Governor, People's Bank Of China Cai Esheng, Former Vice-Chairman, China Banking Regulatory Commission XU Shanda, Former Vice Minister, the PRC State Administration of Taxation Ian Johnston, Chief Executive, Dubai Financial Services Authority K C CHAN, Secretary for Financial Services and the Treasury, Hong Kong Stuart Ayres MP, Minister for Trade, Tourism and Major Events Andrew Constance MP, Minister for Transport and Infrastructure Warren Truss MP, Deputy Prime Minister, for Infrastructure and Regional Development M. Jean-Etienne LEROUX, Regional Director, Transactions & Asset Management – Infrastructures Australia & Asia Pacific Jim BETTS, CEO Infrastructure NSW David Gall, Chief Risk Officer, National Australia Bank Ltd `former Australian Ambassador to China International/Regional Organizations Pascal LAMY, Former Director General, World Trade Organization ZHOU Wenzhong, Secretary General, Boao Forum for Asia Business MA Zehua, Chairman -
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. -
[email protected] Website
WARWICK J. McKIBBIN, AO, FASSA June 2019 Email: [email protected] Website: www.wjmckibbin.com Current Positions: Vice Chancellor’s Chair in Public Policy (ANU Professor 1993- ) and Director, Centre for Applied Macroeconomic Analysis (Nov 2014-), Crawford School of Public Policy in the ANU College of Asia and the Pacific; Other AFFiliations: Non-Resident Senior Fellow and co-Director Climate and Energy Economics Project; & a scholar in the Centre on Social Dynamics and Policy; & a scholar in the Hutchins Center on Fiscal and Monetary Policy, The Brookings Institution, USA, (1993- ); Director of Research, McKibbin Software Group Pty Ltd. (Australia) (1993- ); Director, EconomicScenarios.com Pty Ltd (2002- ). Education: PhD Economics, Harvard University, 1986; A.M. Economics, Harvard University, 1984; B.Comm. Joint Honours Class 1 in Economics and Econometrics, University of New South Wales, Australia, 1980; The Entrance High School, 1974. Awards: Order of Australia – “For Distinguished Service to Education as an Economist, Particularly in the Area of Global Climate Policy, and to Financial Institutions and International Organizations” (2016); The Centenary Medal - “For Service to Australian Society through Economic Policy and Tertiary Education” (2003); Distinguished Public Policy Fellow, Economic Society of Australia (2017); Distinguished Fellow, Asia and the Pacific Policy Society (2012); Public Policy Fellow, ANU Public Policy Fellows Program (2012); Fellow of the Academy of Social Sciences, Australia, (1997); Fellow of the Australian Risk Policy Institute, Australia, (2016); University Medal, University of NSW, Australia (1980). Paper on “Globalization and Disease” named as one of 50 Most Influential papers ever published by MIT Press Journals (2012) Research Interests: Fields - Economic modeling; macroeconomic policy, environmental policy; demographic change; globalization and disease; the global economy. -
Bob Hawke: Australia's Greatest Prime Minister, the Australian Financial Review, Friday 5 May 2019
Bob Hawke: Australia’s Greatest Prime Minister, The Australian Financial Review, Friday 5 May 2019 Australia’s greatest Prime Minister died in Sydney on Thursday. He leaves a modern Australia, incomparably more prosperous, and more closely linked to its dynamic and assertive region, than the country he began to lead 36 years ago last March. Democracy is struggling throughout the developed world. The existential questions about the future of democracy are being raised less vigorously here in Australia than in Europe or the United States of America—despite the fractured recent Australian history of Prime Ministerial leadership. That is a Hawke legacy. Hawke became Prime Minister at a time of national disappointment about economic performance, after nearly a decade of high unemployment and inflation, and many decades with incomes growth well below developed country norms. He accepted responsibility for correcting these weaknesses. His greatest achievement was to establish the foundations through economic reform for a long period of rising employment and incomes with low inflation. The economic success stands alongside and required another historic achievement: the reorientation of Australia towards the realities of our Asia Pacific geography—including acceptance of large-scale immigration without racial discrimination. The economic and foreign policy reorientations were achieved within a social and fiscal programme of stunning breadth, directed at enhancing opportunity and personal security for ordinary Australians. Hawke was a democrat. -
Economics in the Time of COVID-19 Economics in the Time of COVID-19
Economics in the Time of COVID-19 Economics in the Time of COVID-19 Edited by Richard Baldwin and Beatrice Weder di Mauro Centre for Economic Policy Research 33 Great Sutton Street A VoxEU.org Book London EC1V 0DX CEPR Press Tel: +44 (0)20 7183 8801 Email: [email protected] www.cepr.org CEPR Press Economics in the Time of COVID-19 CEPR Press Centre for Economic Policy Research 33 Great Sutton Street London, EC1V 0DX UK Tel: +44 (0)20 7183 8801 Email: [email protected] Web: www.cepr.org ISBN: 978-1-912179-28-2 Copyright © CEPR Press, 2020. Economics in the Time of COVID-19 Edited by Richard Baldwin and Beatrice Weder di Mauro A CEPR Press VoxEU.org eBook CEPR Press The views expressed in this book are those of the authors and not those of CEPR or any of the institutions with which the authors are affiliated. The editors would like to acknowledge the important and timely contribution of research assistance from Guilia Sabbatini and Anmol Kaur Grewal, together with Anil Shamdasani and Sophie Roughton’s hard work on production to enable this eBook to be produced so quickly. Centre for Economic Policy Research (CEPR) The Centre for Economic Policy Research (CEPR) is a network of over 1,500 research economists based mostly in European universities. The Centre’s goal is twofold: to promote world-class research, and to get the policy-relevant results into the hands of key decision-makers. CEPR’s guiding principle is ‘Research excellence with policy relevance’. A registered charity since it was founded in 1983, CEPR is independent of all public and private interest groups.