Stephen S. Roach
Shinzo Abe’s Monetary-Policy Delusions
NEW HAVEN – The politicization of central banking continues unabated. The resurrection of Shinzo Abe and Japan’s Liberal Democratic Party – …
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After years of aggressive post-crisis monetary policy, academics and politicians are increasingly questioning central banks' underlying economic models. Have monetary authorities accomplished all that they could and should have, or is it time for policy innovation?
New Model Central Banking
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Mohamed A. El-Erian
Farewell to Inflation Targeting?
NEWPORT BEACH – In a four-day period in mid-December, three seemingly unrelated developments suggested that modern central banking is in the…
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Kemal Derviş
Should Central Banks Target Employment?
WASHINGTON, DC – On December 12, US Federal Reserve Chairman Ben Bernanke announced that the Fed will keep interest rates at close to zero u…
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Jeffrey Frankel
Time for Nominal Growth Targets
ZANZIBAR – It is time for the world’s major central banks to reconsider how they conduct monetary policy. The US Federal Reserve and the Eur…
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Mohamed A. El-Erian
Europe’s Economic War of Attrition
NEWPORT BEACH – I was nine years old when Egypt entered what became known as its “war of attrition” with Israel. During this period of “no w…
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Luigi Zingales
Pulling the OMT Trigger
CHICAGO – Europe has been experiencing a period of calm after the storm since European Central Bank President Mario Draghi’s “whatever it ta…
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Sylvester Eijffinger, Edin Mujagic
The Age of Financial Repression
TILBURG – Following his re-election, US President Barack Obama almost immediately turned his attention to reining in America’s rising nation…
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Hans-Werner Sinn
Europe’s Path to Disunity
MUNICH – The motto of the United States of America is: “E pluribus unum” (Out of many, one). The European Union’s motto is “In varietate con…
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Raghuram Rajan
The Only Game in Town
TOKYO – What should central banks do when politicians seem incapable of acting? Thus far, they have been willing to step into the breach, fi…
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Nouriel Roubini
Hard to be Easing
NEW YORK – The United States Federal Reserve’s decision to undertake a third round of quantitative easing, or QE3, has raised three importan…
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