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., Joseph Gagnon, and Christopher Collins. Economia. Forthcoming. SSRN Preprint.
Chari, Anusha, Karlye Dilts-Stedman, and Kristin J. Forbes. Journal of International Economics. Forthcoming. Also available as CEPR Working Paper No. 116889. Available as NBER Working Paper No. 29670. Available on SSRN.
Forbes, Kristin J. Financial Times, January 19, 2022.
Bergant, Katharina, and Kristin J. Forbes, MIT Sloan Working Paper 6444-21. Cambridge, MA: MIT Sloan School of Management, September 2021. CEPR Working Paper #DP 16607.
Forbes, Kristin J. and Francis E. Warnock. Journal of International Money and Finance Vol. 116, (2021): 102394. Earlier working paper in November 2019. Variable definitions and sources. Control variables. Updated list of episodes. Underlying capital flow data. Info on datasets. NBER Working Paper No. 26851.
Kristin J. Forbes. In Proceedings of the Jackson Hole Economic Symposium, Jackson Hole, WY: August 2021.
Fischer compares central bank responses to the ‘08-‘09 financial crisis and the pandemic, and likes what he sees. Larry Summers begs to differ.
Judges are Mohamed A. El-Erian, Kristin J. Forbes, Deborah J. Lucas, Robert C. Merton, Ronald P. O’Hanley, Henry M. Paulson, Jr., Raghuram R. Rajan, and Robert Zoellick.
Forbes [is] in favour of the BoE considering "50 basis point" increases to its benchmark rate if the labour market remains tight.
Kristin Forbes says the Fed made it hard for itself with its quantitative easing (QE). "Everyone expected it to end on a certain date … "
For Kristin Forbes qt could be more potent than rate rises, since it would target hot segments of the credit market, such as mortgages.
"Central banks … should not hesitate to reduce their balance sheets during recoveries — especially when inflation is high.”