Center for Financial Stability
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Center for Financial Stability

The Center for Financial Stability is an independent, nonpartisan, and nonprofit think tank focused on financial markets for the benefit of investors, officials, and the public.  More

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Daily News & Views Blog

Wednesday, November 14, 2018



Highlights

CFS Special Counselor and Johns Hopkins professor Steve Hanke writes of the importance of CFS' Divisia M4 in “The Fed's Misleading Money Supply Measures.” In this superb Forbes article, Hanke delves into important details and revealing common misconceptions about money.

Bloomberg's Peter Coy quotes CFS President Lawrence Goodman on cryptocurrency in “Rethinking Currency: Finding a Better Way to Run an Economy.”

CFS Special Counselor and Johns Hopkins University professor Steve Hanke explains hyperinflation in an interview with Jeff Deist on “Mises Weekends.”

William A. Barnett was a keynote speaker at the 2018 China Meeting of the Econometric Society meeting, held in June in Shanghai.

The World Economics Association hosted the Monetary Policy After the Global Crisis - How Important are Economic (Divisia) Monetary Aggregates for Economic Policy? conference in honor of William A. Barnett.

CFS IN THE NEWS

Jack Malvey and Lawrence Goodman will lead a private conference to delve into issues shaping the future of asset values and investment.

Investing in the Trump Era - Nicholas Sargen discussed his new book “Investing in the Trump Era: How Economic Policies Impact Financial Markets.”

SOFR/Ameribor - Richard Sandor discussed the new Secured Overnight Financing Rate (SOFR) and American Interbank Offering Rate (Ameribor).

2018 Symposium on Global Finance - Lawrence Goodman presented "Central Banking East and West since the Crisis" at the Changes of Pattern in Global Finance and their Implications conference in Shanghai, China. View Slides

Adventures in Government... And How to do Really Well in Law School - Charles Schott presented at the Federalist Society at Washington University (St. Louis.)

The Global Financial Crisis: Lessons for the Future - This conference, co-sponsored by CFS, the Central Bank of Iceland and the University of Iceland, examined the causes of the 2008 crisis, regulatory responses, and lessons for the future.

Unelected Power - Paul Tucker discussed his forthcoming book “Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State.”

China's Great Wall of Debt - Dinny McMahon discussed his newly released book “China’s Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle.”

Latest Research

From China: Central Banking East and West since the Crisis

Remarks by Lawrence Goodman in Shanghai focus on the impact of the People's Bank of China on global liquidity and distortions to speculative activity in futures markets from the largest central banks.  More

CFS Divisia M4, which is the broadest and most important measure of money, grew by 4.2% in September 2018 on a year-over-year basis versus 4.7% in August.   September Data Release

CFS Financial Crisis Timeline

As the 10-year anniversary of the global financial crisis approaches, assessment of key events before, during, and since is essential. The CFS Financial Timeline covers more than 1,100 events since 2007 and provides a real time, free and easy to use resource.   See the Timeline

UK-US Financial Regulation: The Benefits of Greater Coherence

Authors Ike Brannon, Bob Jennings, and Julie Chon delve into the longstanding and seminal UK and US relationship from a financial regulatory perspective, illustrating the importance of “regulatory coherence” across borders.  More

Fed Balance Sheet Since 1914

Kurt Schuler and students of Steve Hanke at Johns Hopkins University present the first full digitized data of the Federal Reserve System’s system-wide weekly balance sheet from its beginning in 1914 in a spreadsheet workbook. (Paper | Accompanying Spreadsheets)

Bondi Testimony on SEC Reform

Bradley J. Bondi advocates for transparency and reform from the SEC in testimony before the U.S. House of Representatives Subcommittee on Capital Markets, Securities, and Investment.  More

Unelected Power

The Center for Financial Stability (CFS) thanks Sir Paul Tucker - Former Deputy Governor, Bank of England and Chair, Systemic Risk Council, and Harvard Fellow - for “Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State.” “Unelected Power” is broad and deep. It is a joy to read — with priceless quotes and footnotes.

We are grateful to Paul for sitting down with CFS. View excerpts from the conversation.

Alvin Chua offers a comprehensive dive and graphical sketch of China's initiative. More


 
 
Events
 
Bank of England Conference in Honor of William A. Barnett

Discussions at the “Financial Services Indices, Liquidity and Economic Activity” conference focused on understanding and assessing the macroeconomic implications of liquidity, the liquidity creation process, and the impacts of liquidity on financial markets and economic activity.

Keynote Presentations:

Unsolved Problems in Monetary Aggregation and Transmission, William A. Barnett View slides

Preventative Macroprudential Policy: Treasury Liability Management, Lawrence Goodman View remarks

Please see more about the conference including other remarks and presentations.

 
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
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Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
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Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image
Bretton Woods 2014 Conference Image

Bretton Woods 2014 gathered prominent leaders from government, business, and academia in a working-group environment to focus on the future of finance and the international monetary system. Please see more about the conference to see other remarks, presentations, and photos from the conference.

Future Prospects for the World‘s Foreign Exchange Rate System: Political Design vs. Evolution, Otmar Issing
Read remarks |  Read slides

Nice-Squared - Near an Internationally Cooperative Equilibrium, John B. Taylor  Read remarks |  See video

A Few Thoughts on the Current International Monetary System, Liu Mingkang  Read paper

Bretton Woods Reconsidered:The Dollar Standard and the Role of China, Ronald McKinnon   Read paper | Read slides

Marriner Eccles: Father of the Modern Federal Reserve, Spencer F. Eccles  Read remarks

Critical Issues for the Bretton Woods Institutions, William R. Rhodes  Read remarks

The 1944 Keynes Plan: An Idea Whose Time Has Now Returned?, Charles Goodhart  Read remarks

Summary and Next Steps, Randal K. Quarles  Read remarks

Thoughts on World War II in July 1944, Carole Brookins  Read remarks

What Have We Learned from Recent Research on Bretton Woods? Eric Helleiner, Eric Rauchway, and Kurt Schuler  Read paper