“How Robust Is the Result That the Cost of ‘Leaning Against the Wind’ Exceeds the Benefit? Response to Adrian and Liang,” working paper, January 2017. CEPR Discussion Paper DP11744. ECB Working Paper No. 2031/February 2017.
Vox column
Yearly Archives: 2016
Commentary on Monetary Policy and Financial Stability
“Commentary on Monetary Policy and Financial Stability” (slides), presented at “Challenges to Financial Stability in a Low Interest Rate World,” Annual International Journal of Central Banking Research Conference, Federal Reserve Bank of San Francisco, November 21-22, 2016.
Published as “Leaning Against the Wind: Costs and Benefits, Effects on Debt, Leaning in DSGE Models, and a Framework for Comparison of Results,” International Journal of Central Banking 13 (September 2017) 385-408.
Discussion text of Kocherlakota, “Rules versus discretion: A reconsideration”
The text is now available of my Comment on “Rules versus Discretion: A Reconsideration,” by Narayana Kocherlakota, Brookings Papers on Economic Activity, Fall 2016, 41-48.
Panel presentation: Should monetary policy take financial-stability considerations into account at the ELB?
“Should Monetary Policy Take Financial-Stability Considerations into Account at the ELB?”, panel presentation (slides) at the First ECB Annual Research Conference, “Monetary Policy and Financial Stability in a Low Interest Rate Environment,” Frankfurt, September 28-29, 2016.
Discussion of Gelain, Lansing, and Natvik: “Leaning against the credit cycle”
Discussion (slides) of Gelain, Lansing, and Natvik: “Leaning against the credit cycle,” Swiss National Bank Research Conference “New Perspectives on the role, instruments and effects of monetary policy,” Zurich, September 23-24, 2016.
Discussion of Kocherlakota, “Rules versus discretion: A reconsideration”
Discussion (text, slides) of Kocherlakota, “Rules versus Discretion: A Reconsideration,” Brookings Papers on Economic Activity, Fall 2016 Conference, Washington, DC, September 15-16, 2016.
Keynote presentation: Monetary policy and financial stability – Cost-benefit analysis of leaning against the wind
Keynote presentation at the Norges Bank Conference “Rethinking Inflation Targeting,” Oslo, September 8-9, 2016. Slides. Paper.
The recent Swedish experience of monetary policy and macroprudential policy
“The Recent Swedish Experience of Monetary Policy and Macroprudential Policy,” slides presented at Riksrevisionen (The Swedish National Audit Institution), Stockholm, August 30, 2016.
Interview in IMF Research Bulletin
“Monetary Policy, Financial Stability, and Life at the IMF,” interview in IMF Research Bulletin, June 2016.
Discussion of Filardo and Rungcharoenkitkul, “Quantitative case for leaning-against-the-wind”
Discussion (slides) of Filardo and Rungcharoenkitkul, “Quantitative case for leaning-against-the-wind,” CCBS Research Forum on Macro Finance, Bank of England, London, May 26-27, 2016.
Interview in Svenska Dagbladet: Today’s negative interest rate is needed because the rate was hiked too fast earlier
Interview in Svenska Dagbladet, May 23, 2016 (in Swedish)
FOMC minutes: Costs of leaning against the wind typically outweigh benefits
FOMC April 26-27 minutes on the relationship between monetary policy and financial stability (pp. 2-3):
Most participants judged that the benefits of using monetary policy to address threats to financial stability would typically be outweighed by the costs associated with deviations from the Committee’s employment and price-stability objectives induced by such actions; some also noted that the benefits are highly uncertain.
The recent Swedish experience of monetary and macroprudential policy
“The Recent Swedish Experience of Monetary Policy and Macroprudential Policy,” slides presented at Finansbolagens informationsmöte, Grand Hotel, Stockholm, May 20, 2016.
Questions to Goodfriend and King, King’s (misleading) reply, and my response
Substantially revised and updated on May 15, 2016.
On Thursday, May 12, the Finance Committee of the Riksdag had a hearing on the review by Marvin Goodfriend and Mervyn King of Swedish monetary policy. I had the opportunity of asking some questions at the hearing. They were: Continue reading
Promoting financial stability: The roles of macroprudential and monetary measures
“Promoting Financial Stability: The Roles of Macroprudential and Monetary Measures,” slides for panel presentation at the BoC-CIGI-IMF-PIEE Workshop on “Re-inventing the Role of Central Banks in Financial Stability,” Ottawa, May 5-6, 2016.