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.

Click here to read the entire testimony as a PDF.

Also Visit
AEIdeas Blog The American Magazine
About the Author

 

Desmond
Lachman

What's new on AEI

How the Common Core went wrong
image Election countdown: The mood, measurements, and mechanics
image Rubio's defense speech: Fearless, informed, and refreshing
image Sorry Kerry, there is little role for Iran in fighting ISIS
AEI on Facebook
Events Calendar
  • 22
    MON
  • 23
    TUE
  • 24
    WED
  • 25
    THU
  • 26
    FRI
Monday, September 22, 2014 | 2:30 p.m. – 4:00 p.m.
Policy implications of the new US labor market normal

We welcome you to join us as a panel of economists discuss US wage and price prospects in the coming months and the implications for the Federal Reserve’s current unorthodox monetary policy.

No events scheduled this day.
No events scheduled today.
No events scheduled this day.
No events scheduled this day.
No events scheduled this day.
No events scheduled this day.
No events scheduled this day.