News and Upcoming Events
Wed. Sept 19: Doing Capitalism: The Dark Side of the Three-Player Game. Bill Janeway, Warburg Pincus. (ADR, 11:45am-1pm)
Thurs. Sept 27: Robotic Cars, Stoned Drivers, and Deadly Airbags: Managing Risk, Uncertainty, and Rapidly Changing Technologies in Cooperative Federalism. Heidi King, NHTSA. (Bell, 11:45am-1pm)
Thurs. Oct 4: Managerial Control and Executive Compensation. F.M. Scherer, HKS. (Bell, 11:45am-1pm)
Bringing accountability to powerful, unelected officials. Lawrence Summers, Washington Post
The Fed Should Raise Rates, But Not the Ones You're Thinking. Jason Furman, Wall Street Journal
US will lack fiscal space to respond when next recession comes. Jeffrey Frankel, The Guardian
Read the Center's Fall 2018 newsletter here (PDF)
After the financial crisis, countries around the world significantly expanded the objectives and powers of central banks. As central banks have acquired more powers, the trade-off between independence and accountability has become more complex and as a result, the pre-crisis academic consensus around central bank independence has broken down and popular discontent towards central banks is growing. Ed Balls, James Howat and Anna Stansbury have co-authored a working paper, Central Bank Independence Revisited: After the financial crisis, what should a model central bank look like?
Paul Tucker, M-RCBG research fellow and chair of the Systemic Risk Council will also be speaking on this topic at the Annual Robert Glauber Lecture on October 24, 2018: Reinforcing Financial Stability in a Crumbling International Order.
"Given massive global corporate debt and a soaring US stock market--the cyclically adjusted price-to-earnings ratio is high by historical standards--one possible trigger for a downturn in the coming years is a negative shock that could send securities tumbling."
Jeffrey Frankel
James W. Harpel Professor of Capital Formation and Growth
Related: What does Trump want in his on again, off again trade war?
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