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Andrew Crockett Memorial Lecture A step in the dark: unconventional monetary policy after the crisis

By Raghuram Rajan


Views expressed are personal. 1/16 I am honored to be invited to give the first Andrew Crockett Memorial Lecture at the Bank for International Settlements (BIS). Sir Andrew Crockett was the General Manager of the BIS from 1 January 1994 until 31 March 2003. During this time, he led the Bank through a period of considerable change. In particular, he strongly encouraged the expansion of BIS membership beyond its traditional, mostly European, base. Earlier than most, he saw that multilateral organizations needed to change to stay relevant. But perhaps his most prescient act was the speech he gave on February 13, 2001 entitled “Monetary Policy and Financial Stability”. 2 In it he argued “the combination of a liberalised financial system and a fiat standard with monetary rules based exclusively in terms of inflation is not sufficient to secure financial stability. This is not to deny that inflation is often a source of financial instability. It certainly is... …Yet the converse is not necessarily true. There are numerous examples of periods in which the restoration of price stability has provided fertile ground for excessive optimism. …

Year: 2013
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