Archive for the ‘Speech / Interviews’ Category

Irish exceptionalism in the world economy..

March 13, 2014

Patrick Honohan gives this nice historical perspective to Irish economy.

He says Irish economy keeps swinging from one side to other..thus the exceptionalism..

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Of dentists and economists – the importance of a consistent economic policy framework..

February 19, 2014

A nice speech by Jens Weidmann, President of the Deutsche Bundesbank.

It is obviously based on the famous Keynes quotes on how econs would be seen doing a good job if they are as respected as dentists:

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The Greek financial crisis – from Grexit to Grecovery

February 14, 2014

A nice speech by Greece central bank head George A Provopoulos. He presents a complete and thorough picture on The Greece crisis.

He joined GCB just on the verge of the crisis:

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As RBI tries to become a BoE clone, BoE tries to become like RBI…

February 13, 2014

As RBI evades Government/Parliament to adopt the fancied inflation targeting regime, things are changing in the inflation targeting world.  They still say they are inflation targeters but are looking at all kinds of things. Call it flexible inflation targeting which is nothing but RBI’s now discarded multiple indicator approach.

One such case is Bank of England which is even more interesting as RBI is going to try and become like BoE over the years. The RBI committee report borrows heavily from Bank of England framework.

There has been lot of discussion on forward guidance of these central banks and more in case of BoE. The inflation targeting central banks have all kinds of targets (in the name of flexibility) like BoE has for unemployment. So it had this target that it will keep stimulating till unemployment touched 7%. As it touched 7.1% there were debates over whether BoE will stop its easy policy.

There were two solutions. One to lower the unemp threshold to say 6.5% like Fed did (though US unemp has touched tantalising close to 6.6%) or to revamp its fwd guidance statement. BoE chose the second option.

In its recent inflation report (which is also going to be taken out by RBI), BoE explained its changed stance. And interestingly, BoE will look at many indicators for its future policy just like RBI policy.

BoE head Carney explained:

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Cutting the Gordian Knot or splitting hairs – the debate about breaking up the banks

January 22, 2014

Superb speech by Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank.

He starts with this tale of Guardian knot:

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How JD Power III (ratings) changed the automobile industry?

January 21, 2014

A nice interview of JD Power III, the guy who changed the auto industry by publishing the ratings and rankings of each auto product:

 In 1968, J.D. Power III took the radical step of soliciting customer feedback about cars through consumer surveys. This move ultimately led automakers to shift their operations from a product focus to a greater focus on the customer. Today, J.D. Power and Associates is focused on gauging customer satisfaction across a broad array of industries.

Power is now the subject of a new book that documents that history: Power: How J.D. Power III Became the Auto Industry’s Adviser, Confessor, and Eyewitness to History, by Sarah Morgans and Bill Thorness.  Recently, Power was a guest at theMack Institute for Innovation Management conference on the theme of disruptive technologies. Wharton professor of management John Paul MacDuffie sat down with Power to learn more about the experiences that led him to launch J.D. Power and Associates.

Nice bit..he has had quite a career working in different industries (started with auto industry thiugh) before starting on his own..

Indian economy and policy during financial crisis (2008)

January 20, 2014

Much is written and known. Still it is useful to keep revising what went on.

Deepak Mohanty of RBI summarizes how Indian policy reacted to global financial crisis. He begins showing how Adv econ central banks intervened during the crisis. Then the impact on EMEs and finally on India.

Like EMEs, India suffered two rounds of crisis – one in Sep-2008 as crisis started and two in May-2013 when the word taper buzzed. In both, the policy responses were different. In the first, India had huge cushion given the robust economic conditions. In the second, the conditions were not as great:

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Why financial markets need referees and can anyone regulate a $400 trillion market?

January 16, 2014

A nice interview of Gary Genseler, just retired head of CFTC (Commodity Futures Trading Commission).

He points to how CFTC has tried to bring regulation to the futures market in US. He says transparency is the key:

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For goodness’ sake, this Italian is ruining Germany..

December 31, 2013

Says ECB chief Mario Draghi in this year end interview with Der Spiegel.

He respond to this often criticism of Germans on ECB policies:

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Indian economy and Policy responses in 2008 crisis

December 27, 2013

Deepak Mohanty, ED of RBI usually gives nice speeches summarising the key ideas whatever the given theme of his speech.

In this recent speech, he summarises the Indian response to the 2008 crisis and developments in Indian economy:

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What If: “Lehman Sisters’ or the Sisterhood Ran G20 and Big Business?”

November 28, 2013

Women in Parliaments Global Forum (WIP) has this annual summit discussing several issues related to gender, diversity etc.

One such session was stirringly titled as –” Reverse reality – what if: ‘Lehman Sisters’ or the sisterhood ran G20 and big business”.

Thanks to this speech by Jorg Asmussen of ECB at the panel that I came to know of it. He points how ECB is promoting gender diversity in ECB. 

Nice thought though..Lehman sisters…

Can central bankers save the world (or is the world worth saving)?

November 28, 2013

Mr. Norman Chan, Chief Executive, Hong Kong Monetary Authority has this nice speech with a provocative title. Obviously central bankers cannot save the world but they try and try hard. But most of the time they put the world into a bigger hole. Infact the fab book Lords of Finance does suggest central bankers in the four economies could have saved us from the great depression. But it was not just them but the politicians who were reluctant to let gold standard go. At the end of the day it is the political system and the historical path  which matters. Central bankers are a part of this system and play their own bit.

He begins asking is the world worth saving?

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What Is Central About Central Banking?

November 19, 2013

US House Committee on Financial Services held a hearing on the topic.

Experts shared their concerns on central banks and their policies going ahead:

Useful to read different views. Posen argued for a more powerful Fed. Makin points to risks from monetary cliff, Orphanides shows how intervention helped avert the crisis  and Lachman is not sure how these policies have helped..

Comparing 2008 crisis to 1907 panic

November 14, 2013

One is always confused whether to compare 2008 crisis with great depression or 1907’s financial panic. Historians keep using the two as analogies with obviously more stress on former. It seems the origins of the crisis resembles more like 1907 panic but the impact is much larger on a global scale as seen during great depression.

Bernanke has this nice speech comparing the 1907 panic with 2008 one:

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Teaching and Learning about the Federal Reserve

November 14, 2013

A nice speech by Chairman Bernanke. Again stresses on knowing history. It is good to read such academic kind of speeches from him.

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How about Dr. Rajan taking a deep breath?

November 14, 2013

It was kinda amusing to read this statement from RBI’s still new Governor. So now each time the market declines, we will get a statement from RBI Governor saying all is well? I am also not sure about this whole personalisation of RBI. In the past, one usually saw such statements coming from RBI and not from the Governor. It reflected a more collective and institutional spirit of the central bank. Now it seems there is this whole agenda to create celebrity out of RBI Governor.

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Comparing a Central bank to Lord Hanuman..

November 12, 2013

Mr Jwala Rambarran, Governor of the Central Bank of Trinidad and Tobago has this really interesting speech.

CB of T&T has started celebrating Diwali lately. In addition, this year they celebrate spirit of Lord Hanuman:

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Comparing EU crisis with Japan and East Asia

October 30, 2013

These comparative approaches help a great deal. You get a sense of how do current crisis/events compare with orevious such events.

Benoît Coeuré of the European Central Bank points to similarities and differences between the three crises:

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Interview of Prof. Richard Thaler..

October 23, 2013

Minneapolis Fed’s Region mag has this terrific interview of Prof. Richard Thaler.

The interview as expected questions the basis of the rational school. It is full of anecdotes over how he met Kahneman/Tversky, his struggle to get into mainstream economics, his venture into behavioral finance (he never imagined that it will be finance where behavioral theories  will have the maximum impact, his disagreements with Fama and so on.

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How subway (train) fares have not changed in Japan since 1995

October 21, 2013

Haruhiko Kuroda, Governor of the Bank of Japan talks on deflation in Japan.

He has some interesting facts on deflation in Japan:

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