What is central about central banking?

Thank you Chairman Campbell, Ranking Member Clay, and members of the Subcommittee for affording me the great honor of testifying before you today. My name is Desmond Lachman and I am a Resident Fellow at the American Enterprise Institute. I am here in my personal capacity and I am not here to represent the AEI’s view.

Introduction
Over the past five years, in the aftermath of the Great Economic Recession, the Federal Reserve, the European Central Bank, the Bank of Japan, and the Bank of England have all pursued unorthodox monetary policies on an unprecedented scale. They have done so in an effort to stabilize their respective countries’ financial systems and in an attempt to both support an economic recovery and to avoid deflation. This has led to a massive expansion in these central banks’ balance sheets and it has taken monetary policy into entirely uncharted waters.

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Desmond
Lachman

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