I attended a conference this weekend on lessons from the financial crisis for monetary policy. Among many interesting presentations, Federal Reserve Bank of San Francisco President John Williams provided updated estimates on the effectiveness of large-scale asset purchases and forward guidance.
Category Archives: Federal Reserve
Yellen it is
I applaud President Obama for choosing the best person to be the next chair of the Federal Reserve. And I thank Governor Yellen for her willingness to serve the country.
Who’s afraid of the big bad taper?
Those of us who believed that the Fed’s program of large-scale asset purchases had only a modest effect on long-term interest rates seem to have some explaining to do.
Summers withdraws
Harvard Professor Larry Summers yesterday requested that his name be withdrawn from consideration for next chairman of the Federal Reserve. Let me outsource to a few others for comments.
Economists supporting Janet Yellen
Econbrowser readers know that I feel that Janet Yellen would be an excellent choice for the next chair of the Federal Reserve. For those of you who feel the same way, I call your attention to an open letter of support from economists that you could sign.
If you are a professional economist who lives and/or works in the United States and you would like to join in signing this open letter, please send your name, title, and affiliation to YellenLetter@iwpr.org.
Quantitative and Credit Easing vs. Forward Guidance
Domestic Impacts and Cross-Border Impacts Contrasted
Guest Contribution: “(Taylor) Rules versus Discretion”
Today, we’re fortunate to have Alex Nikolsko-Rzhevskyy, Assistant Professor of Economics at Lehigh University, David Papell and Ruxandra Prodan, Professor and Clinical Assistant Professor of Economics at the University of Houston, as Guest Contributors.
More on the next Federal Reserve chair
The Financial Times has published some further discussion on who should be the next Fed Chairman.
Brad DeLong argues for Larry Summers, and
I make the case for Janet Yellen.
The case for Janet Yellen as Federal Reserve chair
I wanted to express some of the reasons why I feel that Janet Yellen would be an outstanding choice to head the Federal Reserve.
Prescience, 2007 edition
Having coauthored an entire book on the financial crisis of 2008 (Lost Decades, with Jeffry Frieden) I think that one of the most important qualities for a policymaker is the ability to look forward, and assess potential dangers and understand why those dangers arise. Looking back to 2007, it’s of interest to see who foresaw the impact of adverse feedback loops in the financial system as risk was repriced.