Search Results
Journal Article
Foreign exchange operations and the Federal Reserve
Speech
Economic Education: Making the Half-Truths Whole
Ladies and gentlemen, it is a pleasure and a privilege to address you today, both for professional and personal reasons. On the professional side, economic education is a subject close to my heart. There are few higher callings in this life--at least from the perspective of a professional economist and policymaker like me--and I can't overstate the importance of your work. In today's world, our nation's economic policies can either unleash the creative energies of average citizens and raise the quality of our lives or do the opposite--often with astonishing force and speed. Poor economic ...
Journal Article
Current challenges for U.S. monetary policy
Speech
Remarks at the 13th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies
It is a pleasure to be with you this afternoon. I believe it was Mark Twain who said that the most difficult thing of all to forecast is the future. And certainly the extraordinary difficulty currently in trying to discern U.S. macroeconomic prospects for the next year or so is not inconsistent with Twain's observation. It is hard to recall a period when the immediate, very near-term outlook for the economy was more uncertain, and when financial market perceptions were more volatile. As everyone at this conference is well aware, the Fed's Open Market Committee at its meeting back on March 18 ...
Working Paper
Financial innovation in the United States -- background, current and prospects
The purpose of this paper is to describe recent financial innovation in the United States, outline its principal implications with regard to (1) the structure and behavior of financial markets and (2) the conduct of monetary policy, and speculate on the likely character of further innovation in the near-term future. In the United States as elsewhere, financial innovation has been a continuous but uneven process, where the rate of innovation has varied substantially from one period to the next depending on a variety of circumstances.
Journal Article
Noteworthy : Water rights
Journal Article
Transparency in the practice of monetary policy
Speech
Update on the Economy and Monetary Policy
These remarks update other recent speeches Mr. Broaddus has made regarding the U.S. economic outlook.It is a pleasure to welcome all of you to Virginia, and to have an opportunity to share a few thoughts about the economy and the economic outlook. I will follow my usual format that I think many of you are familiar with. I'll start with a little background information and try to specify as precisely as I can where the economy stands right now. Here I will repeat some things I've said in several talks I've given recently, since the background has not changed much, but I will also update this ...
Speech
Transparency in the Practice of Monetary Policy
This has been a very useful conference in my view, and I am honored by this opportunity to be a part of it.1 As some of you may know, I was the second choice for this slot, but that doesn't bother me at all because the first choice was Don Brash, the Governor of the Reserve Bank of New Zealand and a pathbreaker in bringing both transparency and accountability to central banking in practice. I won't be able to fill Don's shoes completely, but I have a strong interest in this topic, and I am very happy that Bill and Dan saw fit to give me the opportunity to share some thoughts with this ...