February 25, 2020
On 21 February, Andy Rothman, investment strategist at Matthews Asia, joined Mark Sobel, US chairman of OMFIF, to discuss the impact of coronavirus on the Chinese economy and its neighbouring countries. They assessed the issues surrounding the accuracy of economic and health data, the epidemic's effect on the consumer and services sectors, and prospects for rebound. They also compared the situation to that of the Sars outbreak, and outlined what macroeconomic or financial mitigation we can expect to see from the Chinese government. Later, they provided an overview of the latest on the US-China trade deal.
February 20, 2020
Philipp Steinberg, head of economic policy at the German economics ministry, joins Ellie Groves, OMFIF's programmes manager for Europe, to discuss the structural challenges Germany faces. Their conversation details how Berlin is responding to the reality of digitalisation, geopolitical uncertainty, climate change and demographic shifts. The podcast ends with a discussion on the banking sector and setting these issues into the wider context of the euro area.
February 12, 2020
Climate risk has been driven to the core of policy-making, but there is no consensus on how public investors, central banks, sovereign funds and public pension funds should respond. Isabelle Mateos y Lago, deputy head of the official institutions group at BlackRock, joins OMFIF's Danae Kyriakopoulou to discuss the roles and responsibilities of official institutions to incorporate climate risk. They assess the dynamics at play from physical climate risks and policy-related changes, the impact of differing central bank mandates on climate policies, and developments in elaborating standardised methodology.
February 4, 2020
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.
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.
January 24, 2020
It has been almost 10 years since the 2008 financial crisis and the enactment of the Dodd–Frank Wall Street reform and consumer protection act. Daniel Tarullo, who was responsible for leading the Federal Reserve Board on financial regulatory reform, including implementing of the Dodd-Frank act, joins Mark Sobel, US chairman at OMFIF, to assess the state of the US banking system. They discuss whether the system is weakening with ‘quiet deregulation,’ concerns over shadow banking and potential regulatory capture, and the need to double down on macroprudential policy in search of high yield in a low interest rate environment.
Daniel Tarullo is a professor of practice at Harvard Law School who served as a member of the Federal Reserve Board and the Federal Open Market Committee (2009-17). He was also the Federal Reserve’s representative to the international Financial Stability Board, including four years as chair of its committee on supervision and regulation.