Jeremy Stein on Central Bank Gradualism and Balance Sheets
Jeremy Stein '83, Harvard professor and former member of the Board of Governors of the Federal Reserve, delivered the Princeton Lectures in Finance on Nov. 8-9. The title of the lecture series was "Financial-Market Challenges for Central Banks" and included two lectures:
- Lecture 1, The Fed, the Bond Market and Gradualism in Monetary Policy (with Adi Sunderam), paper, slides
- Lecture 2, The Federal Reserve's Balance Sheet as a Financial Stability Tool (with Robin Greenwood and Sam Hanson), paper, slides
In addition, Professor Stein had lunch with a group of graduate and undergraduate students interested in finance and public policy. Among the students were several Julis-Rabinowitz Center for Public Policy undergraduate associates. The discussion centered around the issue of whether the Federal Reserve should reduce its Balance Sheet or whether it should just change the composition of its liabilities and increase the supply of safe assets in financial markets. Photos from the lunch can be viewed here.