Joe Gagnon, senior research fellow at the Peterson Institute for International Economics and former director at the Federal Reserve Board, joins Pierre Ortlieb, economist at OMFIF, to discuss the late January Federal Open Market Committee meeting and the state of the Fed’s toolkit. Their conversation covers topics including the ample reserves framework, the dynamism of the US labour market, and prospects for future rounds of quantitative easing.
Items referenced:
Central bank policy sets the lower bound on bond yields
Joe Gagnon’s latest paper with Olivier Jeanne explains why bond yields cannot go below any lower bound on short-term yields set by the central bank, no matter how much QE is used.
What have we learned about central bank balance sheets and monetary policy?
This paper, published by Cato journal, raises the possibility and proposed ground rules for helicopter money, or monetary-fiscal coordination, in the US.
Are Central Banks Out of Ammunition to Fight a Recession? Not Quite.
Joe Gagnon’s recent paper with Chris Collins quantifies how much ammunition the big three central banks – the Fed, the European Central Bank and the Bank of Japan – have left.
Music: https://www.bensound.com/royalty-free-music
Innovation and evolution in payments and the role of central banks
Accessing investments in India
In conversation: The nature of money – Will currencies go digital and what does this mean for the euro?
Retail CBDCs: Policy implications and rollout strategies
Taking stock: ECB strategy review and monetary policy challenges
In conversation with Kevin Stiroh: The role of the Federal Reserve in mitigating climate related financial risk
Designing a financial system that responds to the climate threat and promotes a healthy planet
Overcoming monetary challenges during the pandemic: view from central Europe
In focus: DMI Journal and Symposium
Ahead of the ECB
Economics and diplomacy in the Americas under Biden
Public versus private blockchains
A US perspective on China
The OMFIF/KPMG series: Emerging trends in infrastructure
At the heart of government: Suzanne Heywood in discussion with Meghnad Desai and Norman Lamont
First quarter in focus
Cryptoassets: EU legal and regulatory approach
Gender balance: is this the best we can do?
The OMFIF/KPMG series: Leveraging digital solutions for banking
ECB future direction and central bank independence
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