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jerryking : central_banking   11

Opinion | The Secret Lives of Central Bankers - The New York Times
By Annelise Riles
Ms. Riles, a professor of law and anthropology, is the author of “Financial Citizenship: Experts, Publics, and the Politics of Central Banking.”

Oct. 20, 2018

The acculturation process for central bankers begins early. Most of them attend a handful of elite universities — the University of Chicago, Harvard, Yale, Oxford, Cambridge — to study neoclassical economics, and their early training often involves a secondment to the central banking institutions of another country. In Tokyo or Frankfurt or New York, they operate within a closed set......Central banks should think more boldly about diversity, by welcoming not just more women and people of color, but also more people with real-world economic and business expertise, rather than only Ph.D.s. Central bankers already meet regularly with academics and financial institutions such as Goldman Sachs. Why not also meet with civil society groups that critique their work?..arrogance, toward the public and even toward one another, undermines central banks’ effectiveness. One of the goals of monetary policy is to shape people’s behavior. When a central bank says it anticipates that prices are going to rise, it expects the public to take that advice seriously. If people do, and they buy things now before prices rise, then perhaps prices won’t rise as much. But central banks need credibility for this stabilizing mechanism to work.

Some countries do have this level of public trust, built carefully over decades. In Denmark, for example, central bank officials make a concerted effort, in speeches and other public comments, to tell the story of how their work contributes to the egalitarian society that Danes value. Danes love their central bank..
books  central_banking  diversity  economics  monetary_policy  secondments 
october 2018 by jerryking
The governor gets his hands dirty - The Globe and Mail
The Globe and Mail
Published Wednesday, Aug. 26 2009

"The man leaving me in his dust exemplifies Flaubert's directive: "Be regular and orderly in your life, so that you may be violent and original in your work." Well, original at least."
Mark_Carney  Bank_of_Canada  central_banking  dual-consciousness  quotes 
february 2015 by jerryking
Is Poloz making the loonie fly low? - The Globe and Mail
The Globe and Mail
Published Thursday, Sep. 25 2014

the governor of the Bank of Canada does not take his marching orders from the government. But the government does influence monetary policy by choosing the governor.

Ask Jean Chrétien. In John Crow’s case, “I didn’t agree with what he had done under [Brian] Mulroney by opting to wrestle inflation to the ground with high interest rates in the middle of a recession and with a high Canadian dollar,” the former prime minister wrote in his memoirs.

Mr. Chrétien turfed Mr. Crow within two months of his 1993 election and replaced him with Gordon Thiessen. The dollar began what seemed like a fortuitous descent from 76 cents to 62 cents in 2002, triggering a manufacturing-led export boom in Central Canada.

The flip side of that boom, however, was complacency. With a low loonie, Canadian manufacturers ignored the need to become more productive and innovative. Thoroughly unmodern, few had any other competitive advantage to fall back on when surging oil prices drove the dollar to parity in 2007.

A lower dollar can put the wind in your sails for a while. Long-term, not so much.
Konrad_Yakabuski  Stephen_Poloz  Bank_of_Canada  loonie  interest_rates  monetary_policy  central_banking  Jean_Chrétien  productivity  complacency  weak_dollar  manufacturers 
september 2014 by jerryking
Bar is high for Carney on world stage
Apr. 18 2013| The Globe and Mail |CHRYSTIA FREELAND.

One of the analytical mistakes made before the financial crisis was to believe that efficient markets were perfect and that private bankers could police themselves. Refreshingly, Mr. Carney isn’t making the same error in reverse. He is a believer in regulation and has embraced it at its most complex, global, scale.

But he said regulators need to be watchful of the unintended consequences of their rules and mindful of the feedback loops between their actions and private markets. The relationship between markets and governments is a complicated process that requires eternal vigilance and constant tweaks.
Chrystia_Freeland  Mark_Carney  central_banking  central_banks  regulators  feedback_loops  unintended_consequences  world_stage 
april 2013 by jerryking
MIT Forged Activist Views, Ties of Central Bankers -
December 11, 2012 | WSJ | By JON HILSENRATH.

MIT Forged Activist Views of Central Bank Role and Cinched Central Bankers' Ties
MIT  economists  Colleges_&_Universities  central_banking  central_banks  Keynesian 
december 2012 by jerryking

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