Monetary Policy and Society

CEP Lecture by William White. Dr White is the Chairman of the Economic and Development Review Committee of the OECD, and the former Chief Economist of the Bank for International Settlements. He is also an advisor to CEP.

Excerpt: “Monetary Policy […] has gone down a wrong path […] in that the assumption is being made that monetary policy […] has effects only on nominal things […] and that the implications of monetary policy for the real economy are not really all that important. […] I have been saying for a long period of time, with my colleagues at the BIS, that monetary policy can actually have some pretty devastating effects on the real economy. […] They aren’t just policies that have effects just on the real side, they also have effects on the political side, the broader social side. And that’s why I think […] the agenda for the CEP on monetary policy is important.“ (00:04:29)

Download Slides.