Monetary Policy

Filter materials by type

Janeway outlines how trial and error (and error) drives the innovation economy

Tuesday, 11 March 2014
blog
“Economics has shifted, from celebrating the efficient, optimal allocation of resources through time, to recognizing that (it’s) really the study of the coordination of failures,” says author and venture capitalist William H. Janeway, during his CIGI Signature Lecture.

What I Learned by Doing Capitalism

Friday, 7 March 2014
video
The Innovation Economy begins with discovery and culminates in speculation. Over some 250 years, economic growth has been driven by successive processes of trial and error and error and error: upstream exercises in research and invention, and downstream experiments in exploiting the new economic space opened by innovation.

Leading economic historian to discuss central bank cooperation since the global financial crisis, at Ottawa event

Tuesday, 4 March 2014
article
CIGI invites media to cover its CIGI Global Policy Forum, “Central Bank Cooperation After the Financial Crisis,” taking place on Thursday, March 6, 2014 at the Rideau Club in Ottawa, Canada, with CIGI Senior Fellow Harold James.

International banking and the decline of trust

Tuesday, 4 March 2014
blog
Matthew Arnold is my favourite Victorian poet. And Dover Beach, while somewhat melancholic, is my favourite Arnold poem. The stanza above came to mind reading a recent edition of an ever-thoughtful friend's proprietary newsletter (hat tip: JA), which points to Bank for International Settlements (BIS) data on inter-bank activity following the onset of financial “troubles” in March 2008.

Global Macroeconomic Threats and Opportunities in the Short and Long Run

Friday, 28 February 2014
article
In a repeated, premature rush to declare the crisis over, the world is serially misreading the distinctions between short-run and long-run economic imperatives," writes CIGI Senior Fellow Brett House, in a paper Commissioned by the Canadian Security Intelligence Service (CSIS).

Economist and venture capitalist William H. Janeway to discuss lessons from capitalism, ‘innovation economy,’ in CIGI lecture

Thursday, 27 February 2014
article
William H. Janeway, economist and senior adviser at Warburg Pincus, will discuss the dynamics of the innovation economy, at the next Signature Lecture at CIGI.

New CIGI-sponsored papers explore reserve currency politics and implications for reform of international monetary system

Thursday, 20 February 2014
article
Allowing emerging economies to issue debt in nominal local currency units would offer risk-sharing benefits and bring some stability to debt-to-GDP ratios, according to one of two new papers co-published by CIGI.

First among men

Saturday, 15 February 2014
article
Peter Wilson
Domenico Lombardi, Director of CIGI's Global Economy Program, argues that such issues such as green growth, income inequality and gender inclusion are not central to the IMF's mandate to protect financial stability. Instead, Lombardi says these issues sit more comfortably with the aid and development role of the Fund's sister organization, the World Bank

Is this time different?

Friday, 14 February 2014
blog
Financial storms raged around the globe late in the month, as capital raced out of countries that, by some accounts, had hitherto been the darling of international investors. The proximate cause of this turbulence was, of course, the so-called “tapering” of the US Federal Reserve’s program of bond buying — quantitative easing. And the resulting taper tantrum has led some to invoke the dreaded “C” word.

Reforming the International Monetary System in the 1970s and 2000s: Would an SDR Substitution Account Have Worked?

Tuesday, 11 February 2014
publication
Robert N. McCauley, Catherine R. Schenk
This paper analyzes the discussion of a substitution account in the 1970s and how the account might have performed had it been agreed in 1980. The substitution account would have allowed central banks to diversify away from the dollar into the IMF’s Special Drawing Right, comprised of US dollar, Deutschmark, French franc (later euro), Japanese yen and British pound, through transactions conducted off the market.