Christopher T. Mahoney is a former Vice Chairman of Moody’s.
I retired from Moody's as vice chairman in 2007, having spent 30 years on Wall Street. My areas of expertise are finance, credit and macroeconomics. I am a free-market libertarian, and I subscribe to "market monetarism", which advocates targetting NGDP, instead of inflation.
Neither Agamben nor Mahoney can form a Club Med bloc to go to war with the principles they actually signed up to, simply because you can"t build a stable coalition on a broken deal. A war of unprincip…
Casino Capitalism’s Last Great Gamble:
Two game-changing decisions have been made in the past few months. The first was made by Mario Draghi, when he announced that the ECB would provide European …
The BoJ needs to stop thinking in terms of inputs (QE) and start thinking in terms of outputs (prices). What policy tool would be most effective in breaking expectations and forcing the BoJ to act decisively: raising the yen price of something. The BoJ can't raise the price of JGBs any more than they already have: JGBs are extremely expensive. They could target a higher dollar price, but this would run afoul of Congress. The gold price is a traditional orthodox instrument of monetary policy, and raising its price in yen is a simple and uncontroversial technique for creating inflation. Gold is a currency which is not issued by a government, and is therefore politically neutral.