Twenty Practical Steps to Better Corporate Governance | The Corporate Secretaries International Association (CSIA) Please click the li...
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JPMorgan Chase’s partnership with OnDeck Capital was expected to augur a wave of similar agreements between banks and online business lenders. But so far, most banks have avoided joining forces with companies that they also view as competitors.
June 13, 2017 at 11:37PM
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Whether you are in the high-tech industry and managing your channel partners (i.e. third-party distribution network), the pharmaceutical and medical device industry managing a complex network of distributors and sub-distributors, or any other…
By: Michael Volkov
June 13, 2017 at 11:36PM
from Michael Volkov
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A bridge between China and Europe, the Middle East and Africa – The Hogan Lovells China Desk seeks to help you benefit from the opportunities arising from the evergrowing economic ties between the EMEA region and China. Despite large cultural and…
By: Hogan Lovells
June 13, 2017 at 11:36PM
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Beginning with the Department of Justice’s (DOJ’s) Yates Memo, its Foreign Corrupt Practices Act (FCPA) Pilot Program and then the release of the Evaluation of Corporate Compliance Programs (Evaluation), I believe the DOJ has put even more pressure…
By: Thomas Fox
June 13, 2017 at 11:36PM
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Scotts Miracle-Gro has cut its financial outlook for the year, citing a steep decline in the mass retail sector. The…
June 13, 2017 at 11:38PM
from William Sprouse
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Eric McNulty retweeted:
#Cybersecurity’s Next Frontier: 80+ #Startups Using #ArtificialIntelligence buff.ly/2rSt6GE @CBinsights #corpgov #Startup #CEO #AI
June 12, 2017 at 11:32PM
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from Eric McNulty
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How to become a Non-Executive Director – Birmingham 27 June 2017 wp.me/p2nqQ8-143a #NonExecs #CorpGov
June 12, 2017 at 11:32PM
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Red Shoe Movement retweeted:
Preparando la evaluación del directorio. Para qué y cómo.
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#corpgov #directorio #evaluacion @MastrangeloA
June 12, 2017 at 11:32PM
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Red Shoe Movement retweeted:
Why Your Board Should Refocus on Key Risks ow.ly/6QHe30ctD8S @paula_loop #CorpGov @PwC_Argentina @HarvardCorpGov
June 12, 2017 at 11:32PM
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3 Things Are Holding Back Your #Analytics: #Technology Isn’t One of Them buff.ly/2rRKKu8 @HarvardBiz #corpgov #CFO #AuditCommittee
June 12, 2017 at 11:32PM
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from Mark P. Borman
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Cardiff hosts international VCSEL technology event
London South East (registration) (blog) Vertical Cavity Surface Emitting Lasers (VCSELs) represent an important technology in which IQE and compound semiconductors (CS) play a key enabling role. VCSEL devices are increasingly used in advanced sensor devices in consumer products and will … |
June 12, 2017 at 11:31PM
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Corporate Governance retweeted:
Movers: Jeff Immelt Out as C.E.O. of G.E. nyti.ms/2tc4F59 #corpgov #succession
June 12, 2017 at 11:32PM
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Charlie Helps FRSA retweeted:
June 12, 2017 at 11:32PM
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June 11, 2017 at 11:34PM
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This Week In Pharma retweeted:
#BigPharma’s Bets: Investing Across #Genomics, #Biotech & #DigitalHealth #Startups buff.ly/2rb48Um @CBinsights #corpgov #CEO #CVC
June 11, 2017 at 11:33PM
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June 11, 2017 at 11:34PM
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There is an easy step officials at the Federal Reserve could take to improve their ability to fight the next recession, but policymakers are deeply reluctant to go there: raising the central bank’s 2% inflation target.
Several prominent economists, including former President Barack Obama’s top economic advisor Jason Furman and Nobel laureate and Columbia University professor Joseph Stiglitz, have signed a letter proposing Fed officials do just that.
That’s because with inflation chronically undershooting the Fed’s goal and interest rates still below 1%, they worry the central bank may not have much room to ease monetary policy further the next time the economy runs into trouble.
“We should support a higher inflation target in addition to other measures that will make monetary policy making easier,” Furman told reporters during a conference call sponsored by the Center for Popular Democracy and the Fed Up Coalition, which has been protesting the central bank’s monetary tightening efforts. Other areas that should contribute to economic progress and financial stability, he said, are fiscal policy and regulation.
The letter argues that because of changes in the economy, “policymakers must be willing to rigorously assess the costs and benefits of previously-accepted policy parameters in response to economic changes. One of these key parameters that should be rigorously reassessed is the very low inflation targets that have guided monetary policy in recent decades.”
It calls for the appointment of a “diverse and representative blue ribbon commission with expertise, integrity, and transparency to evaluate and expeditiously recommend a path forward on these questions.”
The Fed started raising interest rates in December 2015 after leaving them at zero since December 2008, and has lifted the federal funds rate higher two more times since. Most investors are counting on a fourth rate increase this coming week.
Central bank inflation targets are commonplace around the world, and the basic idea is to create a mental anchor for businesses and workers that will keep inflation and expectations thereof from either rising or falling too quickly.
The Fed’s official mandate is low and stable inflation as well as maximum sustainable employment. In theory, the more the job market improves, the more likely inflation is to start pushing higher, as fewer available workers should lead to higher wages and prices. However, the recent recovery has puzzled Fed officials because an unemployment rate that is now at a historically low 4.3% rate has not pushed inflation or wages higher.
Critics, including many of the economists signing the letter calling for a higher inflation target, say that’s because the Fed did not go far enough in its stimulus, despite its extensive monetary easing and repeated bond-buying programs. Making the situation worse, fiscal policy has generally been tight to neutral during the recovery.
Low inflation sounds like a good thing, but if it’s persistently below target and reflected in income stagnation, it can be a sign of a suboptimal economy and job market.
And the Fed has been chronically missing its inflation target for most of this economic recovery. Even so, Fed officials have resisted lifting their target, arguing that it could cost them credibility. Still, it’s hard to argue that missing one’s target for the better part of a decade is exactly credibility enhancing.
So what good would a higher target be if the Fed can’t even get to 2% as is? The idea is that the central bank would have been forced to move even more aggressively to get there, and therefore the economy would now be on a stronger footing, rather than still struggling to hit a 2% annual rate of growth.
Over the long-run, the group of economists believes this will actually help the Fed be able to raise rates further during the next economic expansion, thus allowing it to rebuild monetary firepower depleted during the Great Recession.
The following is the full list of economists who signed the letter in support of a higher inflation target.
SEE ALSO: There’s one key reason the Fed has been too optimistic for more than a decade
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June 11, 2017 at 11:35PM
from Pedro Nicolaci da Costa
