By facilitating the allocation of the world's savings to the most productive uses, the free flow ... more By facilitating the allocation of the world's savings to the most productive uses, the free flow of capital across national borders confers substantial economic benefits, including the promotion of economic growth. That said, we have seen a number of episodes in which international capital flows have brought with them challenges for macroeconomic adjustment, financial stability, or both. Such challenges have tended to arise in two situations: first, when the "rules of the game" of the international monetary system -the policy responses that countries are expected to take to help foster a balanced global economy over time -are either poorly articulated or not observed by key countries; and second, when the financial systems of nations receiving strong capital inflows have not been up to the task of investing those inflows productively.
Financial Regulation and Supervision After the Crisis: The Role of the Federal Reserve : Remarks at the Federal Reserve Bank of Boston 54th Economic Conference, Chatham, Massachusetts
The successful introduction, five years ago, of an entirely new currency over a wide range of pol... more The successful introduction, five years ago, of an entirely new currency over a wide range of polities and economies was, at a minimum, a remarkable technical achievement. As a cardcarrying member of the club of monetary economists, I like to think that our collective expertise was helpful in making that achievement possible. As both a policymaker and an economist, I welcome this opportunity to look back on the first five years of the euro to see what we can learn from the experience and to consider what this grand experiment implies for the future. I should say at the outset that, as usual, my remarks this evening reflect my own views and not necessarily those of my colleagues in the Federal Reserve System.1
a speech at the Federal Reserve Bank of Chicago’s 42nd Annual Conference on Bank Structure and Co... more a speech at the Federal Reserve Bank of Chicago’s 42nd Annual Conference on Bank Structure and Competition, Chicago, Illinois
Fostering workforce development: a speech at the Federal Reserve Bank of Richmond and Community College Workforce Alliance forum on Workforce Development, Richmond, Virginia, June 9, 2010
June 1985 Stanford Graduate School of Business. I thank participants in workshops at Stanford, M.... more June 1985 Stanford Graduate School of Business. I thank participants in workshops at Stanford, M.I.T., Harvard, Chicago, Carnegie-Mellon, Rochester, Princeton, and Pennsylvania for comments on the first draft of this paper. Numerous colleagues were also helpful. The Center for Economic Policy Research and the Hoover Institution provided support. The research reported here is part of the NRER's research program in Economic Fluctuations. Any opinions expressed are those of the author and not those of the National Bureau of Economic Research.
Preserving a central role for community banking: a speech at the Independent Community Bankers of America National Convention, Orlando, Florida, March 20, 2010
Adverse shocks to the economy may be amplified by worsening credit-market conditions-- the financ... more Adverse shocks to the economy may be amplified by worsening credit-market conditions-- the financial "accelerator". Theoretically, we interpret the financial accelerator as resulting (mm endogenous changes over the business cycle in the agency costs of lending. An implication of the theory is that, at the onset of a recession. boirowers facing high agency costs should receive a relatively lower share of credit extended (the flight to quality) and hence should account for a proportionally greater part of the decline in economic activity. We review the evidence for these predictions and present new evidence drawn from a panel of large and small manufacturing finns.
Uploads
Papers by Ben Bernanke