Monetary Policy

Transcript

HBO History Makers Series with Paul Volcker

Speaker: Paul Volcker
Presider: Andrew Ross Sorkin

The Home Box Office History Makers Series focuses particular attention on the contributions made by a prominent individual at a critical juncture in international relations. Recent speakers include Stanley McChrystal, Erskine Bowles, and Madeleine K. Albright.

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Op-Ed

Bernanke Should Follow the Advice He Gave to Japan

Authors: Benn Steil and Dinah Walker
Wall Street Journal

Benn Steil and Dinah Walker explain why the Fed's massive holdings of mortgage-backed securities (MBS) are distorting its thinking about the conduct of monetary policy going forward. They propose a novel plan to rectify this, in which the Fed swaps its MBS with the Treasury in return for Treasury securities, which the Fed can sell as part of a normal "exit" from monetary stimulus.

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Op-Ed

Bernanke's 'Risk-On, Risk-Off' Monetary Policy

Authors: Benn Steil and Dinah Walker
Wall Street Journal

Benn Steil's Wall Street Journal op-ed, co-authored with Dinah Walker, shows that the Fed has effectively been targeting "risk on, risk off"—prodding investors into and out of risky financial assets—for over a decade now. He derives a rule that predicts the Fed's behavior since 2000 even better than the "Taylor Rule" did from 1987 to 1999.

See more in Financial Crises; Monetary Policy; United States