Does Central Bank Independence Frustrate the Optimal Fiscal-Monetary Policy Mix in a Liquidity Trap?

PRESENTATION March 26, 2012

Speaker / Author

Paul McCulley

Senior Fellow, Financial Macroeconomics, Cornell Law School's Jack G. Clarke Program on the Law and Regulation of Financial Institutions and Markets

Paul McCulley is Senior Fellow in Financial Macroeconomics for Cornell Law School’s Jack G. Clarke Program on the Law and Regulation of Financial Institutions and Markets. Prior, he was the Chief Economist and Managing Director at PIMCO where he served as a member of the Investment Committee in Newport Beach, and authoring the publication, Macro Perspectives. Paul previously retired from PIMCO at the end of 2010, after a decade as Managing Director and Portfolio Manager. He also headed the firm's Liquidity and Funding Desk, as well as led PIMCO’s Cyclical Economic Forums and authored the monthly research publication, Global Central ... Read More

Zoltan Pozsar

Senior Adviser, U.S. Department of the Treasury

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 ... Read More