ON-Lion Letter

A recent conference at the Hoover Institution at Stanford University, organized by Bradley Prize recipient John B. Taylor, considered several proposed central-bank reforms relating to governance, oversight, and effectiveness.  "Frameworks for Central Banking in the Next Century" was a successor conference to one held last year, on the same topic.  During the 12 month since the first conference, debates about central bank policy have only intensified.

Taylor is the Mary and Robert Raymond Professor of Economics at Stanford and the George P. Shultz Fellow in Economics at Hoover -- where he chairs its Working Group on Economic Policy, which is supported by Milwaukee's Lynde and Harry Bradley Foundation.

The conference addressed normalization of monetary policy, recent changes in transparency, the expanded regulatory role of central banks, and proposals that have been introduced to audit, impose specific reporting, reorganize, or place limits on the regulatory power of the central bank.  Assessments of the costs and benefits of quantitative easing, negative interest rates, competitive easing, and international spillovers will informed the discussions.

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