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
Can central banks normalise their balance sheets?
Combatting money laundering and payments risk in digital assets
What’s next for the Italian economy?
In conversation with De Nederlandsche Bank: Nature risk and the role of central banks
Informing CBDC development with a qualitative look at consumer behaviour
Bank of England independence under Truss
Japan’s approach to sustainable finance and regulatory practice
Lessons learned from the first retail CBDC deployments
Revamping cross-border payments: change coming sooner than you think
In conversation with UNEP FI: the race to net zero and the role of alliances
Policy trade-offs for retail CBDC
Crypto crash proves the need for central bank issued digital currency
Trends developing in retail CBDC
ECB and climate risk supervision
Benefits and risks of CBDCs in emerging markets
Why public asset owners are at an inflection point
What to expect from the August Bank of England meeting
Craving – rather than fighting – inflation
Why do we need social taxonomy?
What to expect from the 21 July ECB meeting
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