The Future of Monetary Policy: Embracing the Unconventional?

Date/Time
Date(s) - 01/23/18
5:15 pm - 6:30 pm

Location
Chicago Council on Global Affairs

Hosted by
Chicago Council


 

The Future of Monetary Policy: Embracing the Unconventional?

Chicago Council on Global Affairs

Donald Kohn, Robert V. Roosa Chair in International Economics and Senior Fellow, Economic Studies, The Brookings Institution; Michael H. Moskow, Vice Chair and Distinguished Fellow, Global Economy; Randall Kroszner, Norman R. Bobins Professor of Economics, University of Chicago Booth School of Business. Moderated by Bethany McLean, Contributing Editor, Vanity Fair.

In February, the Janet Yellen era at the Federal Reserve will conclude and the Jerome Powell era will begin. What will the change mean for US monetary policy? Advanced economies are reveling in increasing growth and bright economic outlooks, yet central banks are only very slowly normalizing monetary policy to pre-crisis levels. With inflation still well below target, interest rates are expected to remain low (and negative in some countries), and engorged balance sheets are only very slowly being whittled down. Does the low-inflation economy demand that these unconventional approaches to monetary policy become standard tools of central banks’ arsenal? Or can central bankers throw off the shackles of the Phillips Curve mentality and insist on normalization?

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Donald Kohn

Robert V. Roosa Chair in International Economics and Senior Fellow, Economic Studies, The Brookings Institution

Donald Kohn holds the Robert V. Roosa Chair in International Economics and is a senior fellow in the Economic Studies program at the Brookings Institution. He also currently serves as an external member of the Financial Policy Committee at the Bank of England. Kohn is a 40-year veteran of the Federal Reserve system, serving as member and then vice chair of the Board of Governors from 2002-2010. Kohn is an expert on monetary policy, financial regulation, and macroeconomics and has written extensively on these issues. Prior to taking office as a member of the Board of Governors he served in a number of staff roles at the Board, including secretary of the Federal Open Market Committee (1987-2002) and director of the Division of Monetary Affairs (1987-2001). He holds a BA from the College of Wooster and a PhD from the University of Michigan.

 

Bethany McLean

 

Bethany McLean

Contributing Editor, Vanity Fair

Bethany McLean is a contributing editor at Vanity Fair and a contributor at CNBC. She was previously an editor-at-large at Fortune. She is an investigative journalist known for her work on the Enron scandal and the 2008 financial crisis, and coauthored the bestseller, The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron. A documentary based on the book was nominated for an Academy Award in 2006. McLean also coauthored All the Devils Are Here: The Hidden History of the Financial Crisis, and wrote Shaky Ground: The Strange Saga of the US Mortgage Giants. Prior to joining Fortune in 1995, she was an investment analyst at Goldman Sachs.

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