Re-Examining Central Bank Orthodoxy for Un-Orthodox Times Session I
Presented by Christian Noyer, David Kotok, Paul McCulley, John E. Silvia, Zoltan Pozsar, Consuelo Mack and Martin Sandbu
March 26, 2012
Speaker / Author
Christian Noyer has been governor of the Banque de France since November 2003. In November 2009, he was reappointed for a second six-year term. He is a member of the Governing Council and General Council of the European Central Bank (ECB).
Christian Noyer was born on Oct. 6, 1950, in Soisy-sous-Montmorency, near Paris. He studied law and subsequently graduated from the Institut d’études politiques de Paris and the École nationale d’administration.
Appointed to the Treasury in the Ministry of the Economy and Finance in 1976, he then spent two years (1980-1982) at France’s permanent representation to the European Communities in Brussels. Back at the Treasury, he held a range of posts (government cash and debt management, banking affairs, financing of industry and state-owned enterprises, multilateral issues and export financing). He was appointed head of the Treasury in 1993. At the same time, he worked closely with several ministers of finance: he was advisor to Edouard Balladur (1986-1988) and chief of staff for two other ministers of finance, Edmond Alphandéry and Jean Arthuis (1993 and 1995-1997 respectively). He was appointed vice president of the European Central Bank when the institution was set up in 1998.
Christian Noyer is chairman of the Autorité de contrôle prudentiel (ACP, the French Prudential Supervision Authority), the Banking Mediation Committee, the Observatory for Payment Card Security and the regulated savings Observatory. He also chairs the supervisory boards of the Institut d’émission des départements d’Outre-Mer (IEOM, the French overseas departments note-issuing bank) and the Institut d’émission d’Outre-Mer (IEOM, the French overseas note-issuing bank).
Christian Noyer is also chairman of the Bank for International Settlements, for a period of three years, commencing on March 7, 2010, and alternate governor at the International Monetary Fund.
He has been awarded the honors of Officier de la Légion d’Honneur and Chevalier de l’Ordre National du Mérite in France and has received decorations from several other countries, notably the Gran Cruz de la Ordén del Mérito Civil from Spain, the Ordre National du Lion from Senegal and Officier de l’Ordre National de la valeur from Cameroon.
David R. Kotok cofounded Cumberland Advisors in 1973 and has been its Chief Investment Officer since inception. He holds a B.S. in economics from The Wharton School of the University of Pennsylvania, an M.S. in organizational dynamics from The School of Arts and Sciences at the University of Pennsylvania, and a masters in philosophy from the University of Pennsylvania.
Mr. Kotok’s articles and financial market commentary have appeared in The New York Times, The Wall Street Journal, Barron’s, and other publications. He is a frequent guest on financial television including Bloomberg Television, CNBC, and Fox. He also contributes to radio networks such as NPR and media organizations like Bloomberg Radio among others. He has authored two books including the best seller “From Bear to Bull with ETFs.”
Mr. Kotok currently serves as a Director and Program Chairman of the Global Interdependence Center (GIC) (www.interdependence.org), whose mission is to encourage the expansion of global dialogue and free trade in order to improve cooperation and understanding among nation states, with the goal of reducing international conflicts and improving worldwide living standards. Mr. Kotok chairs its Central Banking Series, and organized a five-continent dialogue held in Philadelphia, Paris, Zambia (Livingstone), Hanoi, Singapore, Prague, Cape Town, Shanghai, Hong Kong, Rome, Milan, Tallinn, and Santiago, Chile. He has received the Global Citizen Award from GIC for his efforts.
Mr. Kotok is a member of the National Business Economics Issues Council (NBEIC), the National Association for Business Economics (NABE), serves on the Research Advisory Board of BCA Research, and is also a member of the Philadelphia Council for Business Economics (PCBE).
Mr. Kotok has served as a Commissioner of the Delaware River Port Authority (DRPA) and on the Treasury Transition Teams for New Jersey Governors Kean and Whitman. He has also served as a board member of the New Jersey Economic Development Authority and as Chairman of the New Jersey Casino Reinvestment Development Authority.
Mr. Kotok hosts an annual Maine fishing trip, where, it is rumored, most of the nation’s important financial and economic decisions are actually made.
Paul McCulley is chairman of the Global Society of Fellows of the Global Interdependence Center (GIC). The Society, founded in late 2010, had its inaugural event at the Bank of France in March 2012: Re-Examining Central Bank Orthodoxy for Un-Orthodox Times.
Prior to endowing the Society and becoming its first chair, Paul was a senior partner at PIMCO, the world’s premier fixed income investment advisory firm, where he was a member of the investment committee, manager of multi-billion dollar portfolios and founding author of the research publication, “Global Central Bank Focus.”
A devout Keynesian and interpreter of the work of Hyman Minsky, Paul coined the terms “minsky moment” and “shadow banking system.” While at PIMCO, he appeared regularly in the business media. Paul was also a member of the US Treasury’s Borrowing Advisory Committee (TBAC).
Mr. McCulley earned his B.A. from Grinnell College, Grinnell, Iowa, where he now sits on the Board of Trustees, and his MBA from Columbia University’s Graduate School of Business.
In his retirement from active portfolio management, Paul spends a lot of time fishing and listening to his whiskers grow, while nurturing his family life as a father. He also is an entrepreneur in angel investing opportunities, while pursuing his philanthropic visions as president of the Morgan le Fey Dreams Foundation, which he founded and endowed in 2006.
John E. Silvia
John Silvia is a managing director and the chief economist for Wells Fargo. Based in Charlotte, N.C., he has held his position since he joined Wachovia in 2002 as the company’s chief economist.
Prior to his current position, John worked on Capitol Hill as a senior economist for the U.S. Senate Joint Economic Committee and chief economist for the U.S. Senate Banking, Housing and Urban Affairs Committee. Before that, he was chief economist of Kemper Funds and managing director of Scudder Kemper Investments, Inc. John was awarded a National Association of Business Economics (NABE) Fellow Certificate of Recognition in 2011 for outstanding contributions to the business economics profession and leadership among business economists to the nation. In 2010, he was recognized for the best overall forecast, best inflation forecast and best personal consumption expenditures forecast by the Federal Reserve Bank of Chicago. John is on the Bloomberg Best Forecast list for his forecasts of GDP, the Institute of Supply Management (ISM) manufacturing index, housing starts and the unemployment rate.
John holds B.A. and Ph.D. in economics from Northeastern University in Boston and has a master’s degree in economics from Brown University in Providence, R.I. John’s book, “Dynamic Economic Decision Making,” was published by Wiley in August 2011.
John serves as a member of the Blue Chip Panel of Economic Forecasters and also serves on an informal advisory group for the Federal Reserve Bank of Philadelphia. He serves as chair for the Economic Advisory Committee of both the Securities Industry and Financial Markets Association (SIFMA) Economic Advisory Roundtable and the American Bankers Association.
John was formerly a director of the NABE and president of the Charlotte Economics Club. He has also served on economic advisory committees to the Federal Reserve Bank of Cleveland, the Federal Reserve Bank of Chicago and the Public Securities Association.
A strong supporter of education and civic affairs, John serves as a member of the Business Advisory Council at the Walker College of Business at Appalachian State University in Boone, N.C., and on the President’s Council for Charlotte’s Central Piedmont Community College. He has previously served as a board member of the British American Business Council of North Carolina and served on the Economic Development Board for the State of North Carolina, a special appointment by the governor. He also served on the Business Advisory Committee for the City of Charlotte.
Zoltan Pozsar, a senior adviser at the U.S. Department of the Treasury, is an expert on global macroeconomic affairs, central banking and finance.
At Treasury, Mr. Pozsar is responsible for developing the framework to monitor risk and collateral intermediation activities in the financial eco-system and evaluate their impact on macro-financial conditions. He also serves as Treasury’s liaison to the Financial Stability Board (FSB) on matters of financial innovation.
Mr. Pozsar has been deeply involved in the response to the global financial crisis and the ensuing policy debate. At the Federal Reserve Bank of New York, he played a key role in gathering market intelligence for the FOMC, led the effort that backstopped securitization markets in the aftermath of Lehman, and pioneered the mapping and understanding of the shadow banking system. At the International Monetary Fund (IMF) he crafted policy responses to shadow banking. He consulted G7 policymakers and various G20 working groups.
Mr. Pozsar has written extensively on the global economy, shadow banking, wholesale funding and Treasury debt management. More recently he co-authored with Paul McCulley on the changing role of fiscal and monetary policy in a liquidity trap. His work has served as the basis of policy initiatives and was cited in the Financial Times and The Economist.
Before joining the official sector, Mr. Pozsar was a U.S. macroeconomist. He is a founding member of the Shadow Banking Colloquium of the Institute for New Economic Thinking (INET); a visiting scholar at the Global Interdependence Center; and a senior adviser on European affairs to Oriens Investment Management, a CEE-focused merchant bank in Hungary.
Mr. Pozsar and his wife Elena Liapkova-Pozsar, an emerging markets portfolio manager, live in New York.
Consuelo Mack has a long and distinguished career in business journalism. In 2005 she struck out on her own to launch her dream program, a weekly half-hour program on public television devoted to helping Americans build and protect their wealth over the long-term. Now in its seventh season, Consuelo Mack WealthTrack has been dubbed the “Cramer Antidote” by the press and Money Magazine name Mack “The Best Money TV Host.” WealthTrack is the only program on television devoted to long-term diversified investing in all of the investments people care about: stocks, bonds, real estate, insurance, art and collectibles.
Before developing WealthTrack Mack spent over a decade at The Wall Street Journal as the Anchor and Managing Editor of its weekly syndicated business program, “The Wall Street Journal Report”. During her tenure it won the Overseas Press Club award, the Gracie award and was nominated for a News and Documentary Emmy award for excellence in background and analysis. Mack’s international experience includes being the Anchor and Editor of “The Asian Wall Street Journal Report,” a weekly business program syndicated throughout Asia, and hosting the 1996 PBS documentary series “Emerging Powers” and the 1994 PBS special “Pacific Rift”.
She is a member of the Economic Club of New York, the Council on Foreign Relations, The Women’s Forum and is a board member of the YMCA of Greater New York.
Martin Sandbu is the economics leader writer for the Financial Times. He has been a senior research fellow at the Zicklin Center for Business Ethics Research at the Wharton School, University of Pennsylvania, and a postdoctoral research fellow at the Earth Institute, Columbia University. Sandbu has written and lectured widely on economic policy, economic development and natural resources, business ethics, and political philosophy. His work has been published in academic journals in economics, philosophy, and political science, and he is the author of several policy reports. He has appeared on the BBC World Service, NPR Morning Edition, and CNBC and many other broadcast shows. Martin Sandbu’s book Just Business: Arguments in Business Ethics has just been published by Prentice Hall. (Customers in Europe, please go to Pearson’s UK online store.) Sandbu has a B.A. in Philosophy, Politics, and Economics from Balliol College, University of Oxford, and an A.M. and Ph.D. in Political Economy and Government from Harvard University.