Center for Financial Stability
Thought Leadership
Center for Financial Stability

The Center for Financial Stability is an independent, nonpartisan, and nonprofit think tank focused on financial markets for the benefit of investors, officials, and the public.  More

Subscribe to CFS Updates

Daily News & Views Blog

Monday, September 25, 2017



Highlights

CFS is delighted to announce the Advances in Monetary and Financial Measurement (AMFM) Charter Fellows.

CFS congratulates Special Counselor Steve H. Hanke on receiving a Doctorate Honoris Causa by the Universität Leichtenstein in recognition of his standing as “one of the world's leading authorities on currencies and alternative currency regimes" and as the world's authority on measuring and stopping hyperinflations.”

Bloomberg's Liz McCormick quoted Jack Malvey, CFS Special Counselor, in Bond Market Doomsayers Sound Alarm as Margin of Safety Vanishes.

The Fiscal Times published The National Debt Is a Bigger Problem Than You Think, a letter by Lawrence Goodman that suggests a few debt management policy tweaks that can yield great benefits with limited costs.

The Wall Street Journal weekend edition published It May Make the World Go Round, but What’s Money? by Lawrence Goodman. The letter highlights how determinants of inflation can be better understood.

CFS IN THE NEWS

2017 Symposium on Global Economy and Finance - Lawrence Goodman delivered remarks at the Reflections on Global Financial Crisis conference in Shanghai, China.

Korea and its Economy - Il Houng Lee, member of the Monetary Policy Board at the Bank of Korea, led a discussion on Korea's economy and global liquidity.

The Future of Tax Reform - Leading architect Ike Brannon led a discussion on the future of tax reform.

The US in Times of Change - Lawrence Goodman and Alvino-Mario Fantini discussed current developments in the United States and European policy.

Global Shocks - Nicholas Sargen discussed Global Shocks: An Investment Guide for Turbulent Markets.

This Age of Global Market Wariness - Lawrence Goodman and Jack Malvey hosted a private workshop to explore issues that will shape the future of asset values and investment.

Latin America into the 21st Century - Eduardo Aninat led a discussion on key political and economic challenges.

Latest Research

CFS Divisia M4, which is the broadest and most important measure of money, grew by 4.1% in August 2017 on a year-over-year basis, maintaining the same growth rate as in July.   August Data Release

Bradley J. Bondi offers a ten-point blueprint for the SEC's Enforcement Program, including recommendations to allocate resources more efficiently, strike a better balance between regulation and enforcement, and promote a closer adherence to the SEC's mission. More

Alvin Chua offers a comprehensive dive and graphical sketch of China's initiative. More

The interview covers Bill’s life as a rocket scientist, work at the Federal Reserve Board, pioneer of monetary aggregation and complex dynamics, founding journals and societies, work at CFS, and more. More

The question remains how to exit from an extraordinarily low interest rate environment while avoiding catastrophe in the bond market and building a safer monetary policy framework for the future. Here, Congress can help. More

Bradley J. Bondi evaluates the SEC’s delegation of authority from the Chairman and Commissioners to the Director of Enforcement to open formal orders of investigation of persons and entities. Brad highlights three concerns. More


 
 
Events
 
Bank of England Conference in Honor of William A. Barnett

Discussions at the “Financial Services Indices, Liquidity and Economic Activity” conference focused on understanding and assessing the macroeconomic implications of liquidity, the liquidity creation process, and the impacts of liquidity on financial markets and economic activity.

Keynote Presentations:

Unsolved Problems in Monetary Aggregation and Transmission, William A. Barnett View slides

Preventative Macroprudential Policy: Treasury Liability Management, Lawrence Goodman View remarks

Please see more about the conference including other remarks and presentations.

 
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image

Bretton Woods 2014 gathered prominent leaders from government, business, and academia in a working-group environment to focus on the future of finance and the international monetary system. Please see more about the conference to see other remarks, presentations, and photos from the conference.

Future Prospects for the World‘s Foreign Exchange Rate System: Political Design vs. Evolution, Otmar Issing
Read remarks |  Read slides

Nice-Squared - Near an Internationally Cooperative Equilibrium, John B. Taylor  Read remarks |  See video

A Few Thoughts on the Current International Monetary System, Liu Mingkang  Read paper

Bretton Woods Reconsidered:The Dollar Standard and the Role of China, Ronald McKinnon   Read paper | Read slides

Marriner Eccles: Father of the Modern Federal Reserve, Spencer F. Eccles  Read remarks

Critical Issues for the Bretton Woods Institutions, William R. Rhodes  Read remarks

The 1944 Keynes Plan: An Idea Whose Time Has Now Returned?, Charles Goodhart  Read remarks

Summary and Next Steps, Randal K. Quarles  Read remarks

Thoughts on World War II in July 1944, Carole Brookins  Read remarks

What Have We Learned from Recent Research on Bretton Woods? Eric Helleiner, Eric Rauchway, and Kurt Schuler  Read paper