Monetary Policy in the Aftermath of Debt Crises

IIEA28th July 20161min
In his address Mr. Greenwood argued that following a debt crisis the behaviour of the private sector - banks, firms and households - changes radically.

Podcast: Download the keynote audio podcast from this event here

Powerpoint: Download the presentation slides used during this event in                          .PDF format here

About the Speech:

In his address Mr. Greenwood argued that following a debt crisis the behaviour of the private sector – banks, firms and households – changes radically. To maximise the prospects for recovery, monetary policy must be adjusted to assist with balance sheet repair and the resumption of economic growth. Mr. Greenwood argued that the detailed design of such policies is critical and he outlined how differences in policy design can help to explain the divergence in economic performance between the U.S and the euro area in recent years.

About the Speaker:

John Greenwood is Chief Economist of Invesco Ltd and a member of the Shadow Monetary Policy Committee in England. He has been a member of the Committee on Currency Board Operations of the Hong Kong Monetary Authority since 1998. He was an Economic Adviser to the Hong Kong Government between 1992 and 1993. In 1983, while Editor of Asian Monetary Monitor, Mr. Greenwood proposed a currency board scheme designed to stabilise the Hong Kong dollar that remains in operation today. He is a graduate of Edinburgh University and was a Visiting Research Fellow at the Bank of Japan between 1970 and 1974.