Archive for June 26th, 2013

Going Beyond Heroic-Leaders in Development..

June 26, 2013

A nice paper by Prof. Matthew Andrews of Harvard Kennedy School (HKS).

He saysd we need to look beyond herioc- leaders in development:

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Why financial stability is a necessary prerequisite for an effective monetary policy??

June 26, 2013

Not a long time ago, we were lectured on how mon stability is all that matters to financial stability. It was seen as a necessary and sufficient condition for some and necessary condition for most. The logic was not difficult to beat as it took a while for central bankers to tame the inflation beast and hence they kept emphasizing on the idea. And then things like great moderation etc made them overconfident and stretched the idea even more.

Now, the tide has turned. So much so, the speech titles have just become reverse like this one from NY Fed chief – Bill Dudley. He titles it as  – Why financial stability is a necessary prerequisite for an effective monetary policy? The speech is given during Andrew Crockett First Memorial Lecture given by Prof. Rajan.

So why do we need to have Fin Stab is necessary for effective mon policy?

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