I'm just opposed to a pure inflation-only mandate in which the only thing a central bank cares about is inflation and not employment.
Japan's experience suggests the importance of assessing the sustainability of price stability over a fairly long period, which many central banks have emphasized in recent years.
It is no coincidence that the century of total war coincided with the century of central banking.
Business cycles lengthened greatly during the 20th century, as central banks learned to manage national economies by raising and lowering interest rates.
I don't think I've been too optimistic. The government believes the contraction will be around 1.5 per cent, as the central bank said. However, we're waiting to see the Commission estimate.
A brick could be used to help America make money. Trust me, this is smarter than letting a central bank like the Federal Reserve make all the money.
However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound.
My bottom line is that monetary policy should react to rising prices for houses or other assets only insofar as they affect the central bank's goal variables - output, employment, and inflation.
Central banks need to be able to buy bonds if there are short-term malfunctions of the markets. But buying bonds without differentiation and without limits would be very problematic.
When I'm in town on Sundays, I sometimes go down to the Central Bar in the East Village to watch English football. But my natural inclination now is to get in the car with my wife and kids and get out of town.
Political risk is hard to manage because so much comes down to the personal choices of policymakers, whether prime ministers or heads of central banks.
What's brilliant about the United States system of government is separation of power. Not only the executive, legislative, judicial branches, but also the independence of the military from civilians, an independent media and press, an independent cen...
The world's central banks and the International Monetary Fund still have vaults full of bullion, even though currencies are no longer backed by gold. Governments hold on to it as a kind of magic symbol, a way of reassuring people that their money is ...
Throughout the 19th century, when there was a laissez-faire mentality and insufficient regulation, you had one crisis after another. Each crisis brought about some reform. That is how central banking developed.
In 2008, when Lehman Brothers collapsed, we anticipated that Europe was going to have a very different bailout scheme than the U.S. because of their different political systems and different relationships between the central banks and the fiscal auth...
In the economy of the cuckoo people that populate central banks, everything is possible. What you have is gigantic bubbles, the NASDAQ in 2000, then the housing bubble and then commodities in 2008 when oil went from $78 to $147 before plunging to $32...
The Federal Reserve has an official commitment to two different policies. One is to prevent inflation from getting too high. The second is to maintain high employment... the European Central Bank has only the first. It has no commitment to keep emplo...
In the same way that central banking nearly wrecked the world and created one calamity after another, bitcoin can save the world one transaction at a time. It is time for a new beginning.
I actually think that the economy has got some positives. It's got the market. It's got consumer confidence and it's got banks throwing - I mean central bankers throwing money at it around the world.
I am pretty sure central banks will continue to print money, and the standards of living for people in the western world, not just in America, will continue to decline because the cost of living increases will exceed income. The cost of living will a...
Love is something you must work at. And if you can’t work at it, don’t expect the government to subsidize you. At least not until the Central Bank figures out how to counterfeit emotions.
