Person: Friedman, Benjamin
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Friedman
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Benjamin
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Friedman, Benjamin
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Publication Learning From The Crisis: A Talk in Honor of Lucas Papademos(European Central Bank, 2012) Friedman, BenjaminPublication Toward a New Understanding of Monetary Policy(Monetary Authority of Singapore. Economic Policy Department, 2013) Friedman, BenjaminPublication The Simple Analytics of Monetary Policy: A Post-Crisis Approach(Informa UK Limited, 2013) Friedman, BenjaminThe standard workhorse models of monetary policy now commonly in use, both for teaching macro- economics to students and for supporting policymaking within many central banks, are incapable of incorporating the most widely accepted accounts of how the 2007–9 financial crisis occurred and are incapable too of analyzing the actions that monetary policymakers took in response to it. They also offer no point of entry for the frontier research that many economists have subsequently undertaken, especially research revolving around frictions in financial intermediation. The author suggests a simple model that bridges this gap by distinguishing the interest rate that the central bank sets from the interest rate that matters for the spending decisions of households and firms. One version of this model adds to the canonical “new Keynesian” model a fourth equation representing the spread between these two interest rates. An alternate version replaces this reduced-form expression for the spread with explicit supply and demand equations for privately issued credit obligations. The discussion illustrates the use of both versions of the model for analyzing the kind of breakdown in financial intermediation that triggered the 2007–9 crisis as well as “unconventional” central bank actions like large-scale asset purchases and forward guidance on the policy interest rate.Publication Struggling to Escape from 'Assumption 14'(Oxford University Press, 2012) Friedman, BenjaminPublication Financial Stability and Responsive Monetary Policy: Resolving a Dynamic Incompatibility.(2015-08-07) Friedman, BenjaminPublication Is our Economy's Financial Sector Worth What it Costs Us?(World Scientific, 2013) Friedman, BenjaminPublication Learning From The Crisis: What Can Central Banks Do?(Academic Foundation in association with Reserve Bank of India, 2010) Friedman, BenjaminPublication Economics: A Moral Inquiry with Religious Origins(American Economic Association, 2011) Friedman, BenjaminIn contrast to the standard interpretation of the origins of economics out of the secular European Enlightenment of the 18th century, the transition in thinking that we rightly identify with Adam Smith and his contemporaries and followers, which gave us economics as we now know it, was powerfully influenced by then-controversial changes in religious belief in the English-speaking Protestant world in which they lived: in particular, key aspects of the movement away from orthodox Calvinism. Further, those at-the-outset influences of religious thinking not only fostered the subsequent spread of Smithian thinking, especially in America, but shaped the course of its reception. The ultimate result was a variety of fundamental resonances between economic thinking and religious thinking that continue to influence our public discussion of economic issues, and our public debate over economic policy, today.Publication Economic Growth and the Moral Society(The Institute for Jewish Ideas and Ideals, 2010) Friedman, BenjaminPublication Monetary Policy for Emerging Market Economies: Beyond Inflation Targeting(Informa UK (Taylor & Francis), 2008) Friedman, BenjaminMonetary policymakers normally seek to achieve multiple objectives: for prices as well as real economic activity, sometimes for the composition of real activity as well as the aggregate, and often for aspects of the economy's international balance. The fact that monetary policy has only one basic instrument to use therefore creates both complexity and tensions among these objectives. Although inflation targeting represents a way of imposing a logical consistency on monetary policy, in the presence of multiple policy objectives inflation targeting undermines policy transparency and therefore makes accountability more difficult too. Because of the limitation of monetary policy's having only one instrument, but multiple objectives, fiscal policy and prudential supervision and regulation of financial institutions are also important for enabling emerging market economies to achieve their macroeconomic aims.