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

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Daily News & Views Blog

Friday, June 22, 2018



Highlights

The World Economics Association hosted the Monetary Policy After the Global Crisis - How Important are Economic (Divisia) Monetary Aggregates for Economic Policy? conference in honor of William A. Barnett.

Bloomberg's Liz McCormick quoted Jack Malvey, CFS Special Counselor in Vanguard, BlackRock Seen as Forced Buyers in Fed's Bond Retreat.

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

CFS IN THE NEWS

Unelected Power - Paul Tucker discussed his forthcoming book “Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State.”

China's Great Wall of Debt - Dinny McMahon discussed his newly released book “China’s Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle.”

Changes in the Investment Landscape - Lawrence Goodman discussed investment trends at the Cal Alumni Club of New York.

Toward the Mid-21st Century Global Financial System - Jack Malvey and Lawrence Goodman led a private workshop to delve into issues shaping the future of asset values and investment management.

Are We Ready to Face the Next Global Financial Crisis? - Lawrence Goodman discussed systemic risk at the Risk Management Association (RMA) New York Chapter event.

Latest Research

CFS Divisia M4, which is the broadest and most important measure of money, grew by 4.5% in May 2018 on a year-over-year basis versus 4.6% in April.   May Data Release

Bondi Testimony on SEC Reform

Bradley J. Bondi advocates for transparency and reform from the SEC in testimony before the U.S. House of Representatives Subcommittee on Capital Markets, Securities, and Investment.  More

Unelected Power

The Center for Financial Stability (CFS) thanks Sir Paul Tucker - Former Deputy Governor, Bank of England and Chair, Systemic Risk Council, and Harvard Fellow - for “Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State.” “Unelected Power” is broad and deep. It is a joy to read — with priceless quotes and footnotes.

We are grateful to Paul for sitting down with CFS. View excerpts from the conversation.

As the global financial system enters a "Crossroads Interval," Jack Malvey highlights longer term forces shaping the system to stimulate long term thinking and improve financial market decision-making even in the short and medium term.  More

Lawrence Goodman offered a framework to assess the normalization of monetary policies in remarks at the Reflections on Global Financial Crisis symposium in Shanghai, China.  More

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