New column over at the HuffPost: here. The ECB acts like its hands are tied, when in reality, they should have much more room to run. A failure to communicate and/or a failure to understand the idea of “monetary financing” by ECB policymakers. This is fixable.
My latest over at the HuffPost: here. Germany’s de facto veto power over the direction of the Eurozone and European Union demonstrates a failure to uphold post-WWII unity principles. France’s Macron has a unique opportunity to reverse this trend towards pre-war power dynamics.
Balance sheets of central banks in advanced economies have ballooned by trillions of dollars since the onset of the Great Recession. Now, U.S. policymakers are beginning to focus on the goal of unwinding the balance sheet. While the arguments for doing so are not convincing, it seems inevitable at this point. That said, there are several things that seem to missing from policymakers’ discussions this far of the unwind of which they must be very cognizant. Continue reading Comments on Exiting the Era of Big Balance Sheets
3 days of the “Europe in Crisis” conference in Madison, WI have come to a close. A fantastic conference with even better speakers—ranging from Gillian Tett of the Financial Times to Chad Bown of the Peterson Institute, and everyone in between. Great insights on Brexit, the euro crisis, populism, and more. I presented on Europe’s safe asset shortage and the mechanisms by which it is hindering the economic recovery. (Slides below.) Thanks to all the attendees, speakers, and conference organizers (European Horizons) for the great conference.