Currencies, Capital, and Central Bank Balances

Currencies, Capital, and Central Bank Balances

Edited by: John H. Cochrane, Kyle Palermo, John B. Taylor
ISBN: 978-0-8179-2234-4
Publication Date: 4/1/2019

Drawing from a 2018 conference, the Hoover Institution brings together leading academics and monetary policy makers to share ideas about pressing questions facing central banks today. The expert contributors address big-picture debates affecting US and global monetary policy and apply cutting-edge economic research to the international monetary and financial system—areas very much related because of the effect of balance sheet operations on exchange rates and capital flows.

The discussion is broken down into seven key areas: (1) International Rules of the Monetary Game, (2) Banking, Trade and the Making of the Dominant Currency, (3) Capital Flows, the IMF’s Institutional View, and Alternatives, (4) Payments, Credit, and Asset Prices, (5) Financial Stability, Regulations, and the Balance Sheet, (6) The Future of the Central Bank Balance Sheet, and (7) Monetary Policy and Reform in Practice.

With in-depth discussions covering the size of the Fed’s balance sheet, the role of government in encouraging or restricting capital flows, the volatility of capital flows and exchange rates, and many other pressing policy questions, they examine relevant research developments and argue options for reform.

Contributors: Adrien Auclert, Raphael Bostic, Sebastian Edwards, Peter R. Fisher, Esther L. George, Gita Gopinath, Oleg Itskhoki, Robert S. Kaplan, Mickey D. Levy, Lorie K. Logan, Prachi Mishra, William Nelson, Jonathan D. Ostry, Monika Piazzesi, Charles I. Plosser, Randal K. Quarles, Raghuram Rajan, Thomas J. Sargent, Martin Schneider, George P. Shultz, John B. Taylor, Paul Tucker, Kevin Warsh, John C. Williams

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John B. Taylor

John B. Taylor is the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University. He chairs the Hoover Working Group on Economic Policy and is director of Stanford’s Introductory Economics Center.


John H. Cochrane

John H. Cochrane is a senior fellow at the Hoover Institution. Before joining Hoover, he was a professor of finance at the University of Chicago’s Booth School of Business. He is also a research associate of the National Bureau of Economic Research.


Kyle Palermo

Kyle Palermo is marketing communications manager at the Hoover Institution. He reports on conferences, research projects, and other academic and institutional activities.

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