Roger Farmer, Pawel Zabczyk, 26 October 2016

Ben Bernanke famously quipped that monetary policy works in practice, but not in theory. This column bridges the gap between practice and theory in assessing how central banks can influence both of them by intervening in asset markets. To the extent that asset market volatility is driven by shifts in beliefs, the central bank should aim to eliminate that volatility by engaging in countercyclical unconventional monetary policy, which would end up reducing the risk premium.

John Quiggin, 03 December 2010

John Quiggin of the University of Queensland talks to Viv Davies about his recently published book, which describes some of the economic ideas that he believes played a role in creating the global financial crisis. He refers to the Great Moderation, the efficient markets hypothesis, DSGE, ‘trickle-down’ economics and privatisation as ‘zombie’ ideas, which should have been killed off by the financial crisis, yet for some reason still live on in the minds of many economists and policy-makers. The interview was recorded in London in November 2010. [Also read the transcript]

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