Stanley Fischer critiques COVID-19 monetary policies
Fischer compares central bank responses to the ‘08-‘09 financial crisis and the pandemic, and likes what he sees. Larry Summers begs to differ.
Faculty
Kristin Forbes is the Jerome and Dorothy Lemelson Professor of Management and Global Economics at MIT’s Sloan School of Management.
She has regularly rotated between academia and senior policy positions. From 2014-2017 she was an external member of the Monetary Policy Committee for the Bank of England. From 2003 to 2005 Forbes served as a member of the White House’s Council of Economic Advisers and from 2001-2002 she was a deputy assistant secretary in the U.S. Treasury Department. She also was a member of the Governor’s Council of Economic Advisers for the state of Massachusetts from 2009-2014.
In 2019, Forbes was named an Honorary Commander of the Order of the British Empire (CBE) by Her Majesty Queen Elizabeth II. She is currently the convener of the Bellagio Group, a research associate at the NBER and CEPR, and a member of the Aspen Economic Strategy Group and Council on Foreign Relations. She also serves in a number of advisory positions, such as the Monetary Policy Advisory Panel of the New York Federal Reserve Bank, the Advisory Panel for the Bank for International Settlements, and on the External Advisory Group of the Managing Director for the International Monetary Fund. Forbes’ academic research addresses policy-related questions in international macroeconomics, including monetary policy, macroprudential tools, capital flows, exchange rates, inflation, and contagion. She has won numerous teaching awards and teaches one of the most popular classes at MIT's Sloan School. Before joining MIT, Forbes worked at the World Bank and Morgan Stanley.
She received her PhD in Economics from MIT and graduated summa cum laude with highest honors from Williams College.
Forbes, Kristin J., Christian Friedrich, and Dennis Reinhardt, MIT Sloan Working Paper 6796-22. Cambridge, MA: MIT Sloan School of Management, January 2023. CEPR Working Paper DP #17852 . Bank of England Staff Working Paper #1003.
Bergant, Katharina and Kristin J. Forbes. VoxEU, January 22, 2023.
Bergant, Katharina, and Kristin J. Forbes, MIT Sloan Working Paper 6795-22. Cambridge, MA: MIT Sloan School of Management, November 2022. Related blog on VoxEU. CEPR Working Paper DP #17699 .
Chari, Anusha, Karlye Dilts-Stedman, and Kristin J. Forbes. Journal of International Economics Vol. 136, (2022): 103582. Available as CEPR Working Paper No. 116889. Available as NBER Working Paper No. 29670. Available on SSRN as Federal Reserve Bank of Kansas City Working Paper No. 21-16.
Forbes, Kristin J. Financial Times, January 19, 2022.
Forbes, Kristin J., Joseph Gagnon, and Christopher Collins. Economia Vol. 45, No. 89 (2022): 52-72. Replication Data. Also available as NBER Working Paper 29323. Available on SSRN as CEPR Discussion Paper No. DP16583.
Invited guests attended a special event at the new MIT Museum location in Kendall Square in early December.
Fischer compares central bank responses to the ‘08-‘09 financial crisis and the pandemic, and likes what he sees. Larry Summers begs to differ.
"If you front-load [interest rate] hikes, it makes it harder to tell whether you need to wait a little longer to see the effects."
"The Bank of England … will require monetary policy response and slower growth to get to equilibrium.”
"What the Bank of England has done seems to be the standard central bank playbook, which is what they should be doing … "
"The key, key variable for so much is productivity. … And we just don't know where it's going to settle after COVID.”