Contributor: William White

“不能永续的事物终将停止”

| 21 June 2021
Fiscal, Monetary, Policy Briefs, Second Language | Tags: Covid-19, Debt, Democracy, Environment, Financial Stability, Health Systems, Inequality, International Cooperation, Resilience
这个著名的言论来自于赫伯特 • 斯坦, 美国企业研究所的资深研究员。这句话之所以家喻户晓是因为其道理显而易见。然而,人们常常忽略,公共政策通常建立在一个截然不同的假设上,即未来可看做是现在的延续。这令人深感遗憾,因为人类未来所依赖的许多极为重要的系统正在以一种不可持续的方式演化着,并面临着终止的风险。全球的经济、政治、环境健康系统都承受着巨大的压力,也显示出崩溃的迹象。 ... continue reading

“If Something Cannot Go on Forever, It Will Stop“

| 1 April 2021
Fiscal, Monetary, Policy Briefs | Tags: Covid-19, Debt, Democracy, Environment, Financial Stability, Health Systems, Inequality, International Cooperation, Resilience
“If something cannot go on forever, it will stop.” This famous observation was made by Herb Stein, Senior Fellow at the American Enterprise Institute. It became famous largely because it was just that, obvious. Yet, what is no less obvious is that public policy is ... continue reading

Changing Landscapes for Central Banks and Financial Regulators

| 14 March 2019
Discussion Notes, Monetary | Tags: Central Banks, Governing Finance
This discussion note is an extended version of the introductory comments shared by the author at a CEP roundtable on “Governing Finance and Sustainability” in January 2019. It addresses in order the four issues raised in the convening’s agenda. First, what are the historical origins ... continue reading

The Distributional Implications of the Crisis and Policy Responses

| 8 December 2015
Blog, Monetary | Tags: Inequality, QE
The conduct of monetary policy over the last few years is totally unprecedented. Efforts have been made to influence all parts of the term structure of interest rates and credit spreads as well. Policy rates have been reduced essentially to zero. Forward guidance has also ... continue reading