Ben Bernanke

Christine Lagarde: Building confidence in the path ahead

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Wednesday, April 3, 2024
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This box investigates how households have responded to the 2021-23 inflationary episode using evidence from the ECB’s Consumer Expectations Survey.

Key Points: 
  • This box investigates how households have responded to the 2021-23 inflationary episode using evidence from the ECB’s Consumer Expectations Survey.
  • The findings suggest that households have primarily adjusted their consumption spending to cope with higher inflation.

US monetary policy is more powerful in low economic growth regimes

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Tuesday, April 2, 2024
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    Climate transition risk in the banking sector: what can prudential regulation do?

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    Saturday, February 17, 2024
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    Key Points: 

      Financial stability and macroprudential regulation under diagnostic expectations

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      Saturday, November 26, 2022
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      In this article, we examine the joint implications of external financing frictions and cognitive misperceptions for the stability of the financial system and the appropriate conduct of macroprudential regulation.

      Key Points: 
      • In this article, we examine the joint implications of external financing frictions and cognitive misperceptions for the stability of the financial system and the appropriate conduct of macroprudential regulation.
      • [2]
        Relative to the rational benchmark, diagnostic expectations and their interactions with financing frictions exacerbate instability in financial markets and economic activity.
      • Financial implications of financing frictions and diagnostic expectations (1/2)

        Notes: The chart illustrates interactions between fluctuations in financial net worth (i.e.

      • Blue ink indicates additional effects over a world with rational expectations that stem from diagnostic expectations.
      • First, diagnostic expectations intensify a positive interaction between fluctuations in financial net worth and fluctuations in asset prices (Chart 1).
      • Financial implications of financing frictions and diagnostic expectations (2/2)

        Notes: The chart reports stationary density functions of the aggregate capitalisation of financial intermediaries under rational and diagnostic expectations.

      • Relative to the rational framework, under diagnostic expectations, appropriate macroprudential restrictions on new credit to the nonfinancial sector are tighter, even when the regulator is subject to the same expectations as the private sector.
      • These results naturally reveal disagreements among potential regulators with differing degrees of diagnostic expectations about the appropriate regulation.
      • We examine the joint implications of external financing frictions and diagnostic cognitive misperceptions about economic fundamentals or asset prices for the stability of the financial system and the appropriate conduct of macroprudential regulation.
      • The key result is that diagnostic expectations exacerbate financial instability relative to the benchmark of rational expectations.
      • This finding calls for tighter macroprudential regulation even when the regulator is also subject to misperceptions.

      Benefits of macroprudential policy in low interest rate environments

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      Friday, November 11, 2022
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      Short-term interest rates in the euro area and the United States

      Key Points: 
      • Short-term interest rates in the euro area and the United States

        Notes: Benchmark short-term nominal interest rate (panel A) and natural rate of return (panel B) for the euro area and the United States.

      • Low levels of the natural rate for protracted periods of time pose challenges for the conduct of conventional monetary policy.
      • This can happen because the ELB on nominal interest rates precludes the policy rate from tracking the natural rate if the latter falls below the bound.
      • In economies with low natural rates, such as the euro area today, macroprudential policy can have benefits for the effectiveness of conventional monetary policy, in addition to safeguarding financial stability.
      • The natural rate which is a risk-free, short-term real interest rate therefore increases as well.
      • The above benefit points to a novel complementarity between macroprudential policy and conventional monetary policy, which takes place only in environments with low interest rates.
      • If these conditions hold, macroprudential policy boosts the natural rate above the ELB, and it does so unintentionally, simply as a by-product of safeguarding financial stability.
      • That is, macroprudential policy still improves the effectiveness of conventional monetary policy, but it does not allow the policy rate to accommodate aggregate demand appropriately without hitting the ELB.
      • In economies with low natural rates, macroprudential policy can have benefits for the effectiveness of conventional monetary policy, in addition to safeguarding financial stability.
      • These benefits arise because macroprudential policy boosts the natural rate simply as a by-product of containing systemic risk in financial markets which gives the central bank more room for stimulating aggregate demand, especially during downturns.

      PIMCO Adds Economist and Central Banker Mark Carney to its Global Advisory Board

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      Wednesday, September 16, 2020
      Money, Economy, Finance, Systemic risk, Financial risk, Financial regulation, International finance institutions, Financial crises, Ben Bernanke, Financial Stability Board, PIMCO, European Systemic Risk Board

      The Board provides PIMCO investment professionals with insights on global economic, political, and strategic developments and their relevance for financial markets.

      Key Points: 
      • The Board provides PIMCO investment professionals with insights on global economic, political, and strategic developments and their relevance for financial markets.
      • Former Federal Reserve Chairman Ben Bernanke is the Chair of the Board, which is comprised of seven members including Mr. Carney.
      • In addition, he served as Chair of the Financial Stability Board (FSB) from 2011 to 2018, and First Vice-Chair of the European Systemic Risk Board.
      • PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

      MIT Sloan appoints Ben S. Bernanke distinguished senior fellow at Golub Center

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      Tuesday, July 28, 2020
      Massachusetts, Fellows of the Econometric Society, Massachusetts Institute of Technology, Ben Bernanke, Brookings Institution, National Bureau of Economic Research, States of the United States, David Schmittlein, MIT Sloan School of Management, Sloan

      CAMBRIDGE, Mass., July 28, 2020 /PRNewswire/ -- The MIT Sloan School of Management announces the appointment of Ben S. Bernanke as distinguished senior fellow at the Golub Center for Finance and Policy (GCFP) for the 2020-2021 academic year.

      Key Points: 
      • CAMBRIDGE, Mass., July 28, 2020 /PRNewswire/ -- The MIT Sloan School of Management announces the appointment of Ben S. Bernanke as distinguished senior fellow at the Golub Center for Finance and Policy (GCFP) for the 2020-2021 academic year.
      • Dr. Bernanke will teach a graduate-level class at MIT Sloan in the spring addressing financial regulation and contribute to the GCFP's research and outreach agenda.
      • "We are delighted to welcome Dr. Ben S. Bernanke back to MIT.
      • He will add greatly to the work of GCFP, Sloan and MIT," said David Schmittlein, Dean of the MIT Sloan School of Management.

      President Obama Will Travel to Europe to Speak at Nordic Business Forum

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      Thursday, June 21, 2018
      Economy, Nordic Business Forum, Business, Culture, Nordic countries, Forum, Ben Bernanke, Sampo Group, Helsinki

      HELSINKI, June 21, 2018 /PRNewswire/ -- President Obama will be traveling to Europe for the Nordic Business Forum, which takes place in Helsinki from the 26-27th of September 2018.

      Key Points: 
      • HELSINKI, June 21, 2018 /PRNewswire/ -- President Obama will be traveling to Europe for the Nordic Business Forum, which takes place in Helsinki from the 26-27th of September 2018.
      • Aslak de Silva, CEO of Nordic Business Forum: "We are undoubtedly honored to host President Obama - but this moment really belongs to our audience and the Nordic region as a whole.
      • Ville Saarikalle, the Head of Speaker Relations at Nordic Business Forum: "President Obama is one of the most remarkable leaders of this era.
      • Past speakers of Nordic Business Forum include Vice President Al Gore, Jack Welch, former California Governor Arnold Schwarzenegger, Arianna Huffington, Sir Richard Branson, Ben Bernanke, Will Smith, Steve Wozniak, and many others.

      President Obama Will Travel to Europe to Speak at Nordic Business Forum

      Retrieved on: 
      Thursday, June 21, 2018
      Economy, Nordic Business Forum, Business, Culture, Nordic countries, Forum, Ben Bernanke, Sampo Group, Helsinki

      HELSINKI, June 21, 2018 /PRNewswire/ -- President Obama will be traveling to Europe for the Nordic Business Forum, which takes place in Helsinki from the 26-27th of September 2018.

      Key Points: 
      • HELSINKI, June 21, 2018 /PRNewswire/ -- President Obama will be traveling to Europe for the Nordic Business Forum, which takes place in Helsinki from the 26-27th of September 2018.
      • Aslak de Silva, CEO of Nordic Business Forum: "We are undoubtedly honored to host President Obama - but this moment really belongs to our audience and the Nordic region as a whole.
      • Ville Saarikalle, the Head of Speaker Relations at Nordic Business Forum: "President Obama is one of the most remarkable leaders of this era.
      • Past speakers of Nordic Business Forum include Vice President Al Gore, Jack Welch, former California Governor Arnold Schwarzenegger, Arianna Huffington, Sir Richard Branson, Ben Bernanke, Will Smith, Steve Wozniak, and many others.