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Adam S. Posen
Peterson Institute for International Economics
“Central Banks Have To Get Their Hands Dirty to Maintain Financial Stability”
After the financial crisis, pretty much everyone agrees that central banks should preempt destabilizing credit booms and asset price bubbles. There is no solid evidence, however, that simply tightening monetary policy is effective in doing so. Hence the search for so-called ‘macro-prudential tools’ for central banks. Yet the kinds of tools that seem plausibly effective require active intrusion into financial markets that the Federal Reserve and others are reluctant to undertake. Posen argues that, as with QE, central banks have no choice but to adopt and use tools that directly shape credit allocation. Otherwise, some damaging aspects of the global financial crisis are likely to recur.
Bio: Adam Posen is President of the Peterson Institute for International Economics, the world's leading independent think tank on economics and globalization. He is one of the world's foremost experts on macroeconomic policy, resolution of financial crises, the economies of Europe, Japan, and the US, and central banking issues. Dr. Posen received his PhD and BA from Harvard University and is a member of the Council on Foreign Relations, of the Trilateral Commission, and of the faculty of the World Economic Forum. The author or editor of five books, he has been the recipient of major grants and research fellowships from the American Academy in Berlin, the Bank of England, the Brookings Institution, the European Commission, the Ford Foundation, the Sloan Foundation, and the US National Science Foundation.
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