This week's IGM Economic Experts Panel statements:
A) If the Fed changed its inflation target from 2% to 4%, the long-run costs of inflation for households would be essentially unchanged.
B) Raising the inflation target to 4% would make it possible for the Fed to lower rates by a greater amount in a future recession.
Keyword: monetary policy
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This week’s European Economic Experts Panel statements:
A) The ECB's asset purchases over the past two years have reduced the threat of deflation in the euro area as a whole.
B) If the economic outlook in the euro area becomes less favorable, then increasing the ECB's asset purchase program (in size or duration) would substantially increase the euro area's economic growth over the following five years.
This week's IGM Economic Experts Panel statement:
The ratio of the 90th to the 10th percentile of the US income distribution has been unaffected by the Federal Reserve’s unconventional monetary policies since the financial crisis.
This week's IGM Economic Experts Panel statements:
A) The Fed should raise its target interest rate when it meets in mid-December.
B) The Fed should have raised interest rates sooner, rather than leaving them near zero for this long.
This week’s IGM Economic Experts Panel statement:
Legislation introduced in Congress would require the Federal Reserve to "submit to the appropriate congressional committees…a Directive Policy Rule", which shall "describe the strategy or rule of the Federal Open Market Committee for the systematic quantitative adjustment of the Policy Instrument Target to respond to a change in the Intermediate Policy Inputs." Should the Fed deviate from the rule, the Fed Chair would have to "testify before the appropriate congressional committees as to why the [rule]…is not in compliance." Enacting this provision would improve monetary policy outcomes in the U.S.
This week’s IGM Economic Experts Panel statement:
Informed postmortems of Ben Bernanke’s Fed chairmanship will judge favorably the Fed's creative and aggressive policy initiatives from autumn 2008 through early 2009.
This week’s IGM Economic Experts Panel statements:
A: Enactment of the Senate bill to subject the Federal Reserve's monetary policy and discount window decisions to an audit by the Comptroller General of the U.S. would improve the Fed's legitimacy without hurting its decision making.
B: The Fed should not reduce its purchases of mortgage-backed securities and treasurys until there is clearer evidence of strong and sustained employment growth.
This week’s IGM Economic Experts Panel statement:
The persistent deflation in Japan since 1997 could have been avoided had the Bank of Japan followed different monetary policies.
This week's IGM Economic Experts Panel statements:
A: Even if the third round of quantitative easing that the Fed recently announced increases real GDP growth over the next two years, the increase will be inconsequential.
B: Even if the third round of quantitative easing that the Fed recently announced increases annual consumer price inflation over the next five years, the increase will be inconsequential.
C: Even if inflationary pressures rise substantially as a result of quantitative easing and low interest rates, the Federal Reserve has ample tools to rein inflation back in if it chooses to do so.
This week’s IGM Economic Experts Panel poll statements:
A) If the US replaced its discretionary monetary policy regime with a gold standard, defining a "dollar" as a specific number of ounces of gold, the price-stability and employment outcomes would be better for the average American.
B) There are many factors besides US inflation risk that influence the current dollar price of gold.
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