What else can Central Banks Do?

“What Else Can Central Banks Do?”

Marking the launch of the Eighteenth Geneva Report on the World Economy

Lawrence Ball (Johns Hopkins University), Joseph Gagnon (Peterson Institute of International Economics), Patrick Honohan (Trinity College, Dublin and CEPR) and Signe Krogstrup (Peterson Institute of International Economics)

Presented by
Patrick Honohan (Trinity College Dublin and CEPR)

Sir Charlie Bean (LSE and CEPR)
Gene Frieda (Pimco)

8-10 Moorgate, London, EC2R 6DA

Thursday 15 September 2016
Registration from 17:00
Presentation and Discussion: 17:30-19:00
Drinks Reception: 19:00-20:00


CEPR/ICMB’s 18th Geneva Report on the World Economy seeks to provide policy-makers with a developed set of central banking tools for when stimulus is needed to tackle secular stagnation in advanced economies. With most options having already been explored, this Report suggests ways in which current stimulus policies can be expanded and implemented to greater effect.

Empirical evidence confirms that unconventional monetary policies, including quantitative easing and negative interest rates, have been effective in supporting economic recovery in the advanced economies. But central banks can do more to stimulate economies and restore full employment, even when nominal interest rates are near zero.

Quantitative easing has had beneficial effects already and can be expanded: policy-makers can push interest rates substantially below zero. Fiscal policy could also be brought into the mix: more rapid stimulus at an early stage would enable governments to return policy to normal sooner. 

Charles Bean is a Professor of Economics at the London School of Economics. From 2000 to 2014, he served at the Bank of England as, successively, Executive Director and Chief Economist, and then Deputy Governor for Monetary Policy, in which capacity he was a member of the Monetary Policy and Financial Policy Committees. Before joining the Bank, he was a member of faculty at LSE and was Managing Editor of the Review of Economic Studies; he has also worked at HM Treasury. He was President of the Royal Economic Society from 2013 to 2015 and was knighted in 2014 for services to monetary policy and central banking. He holds a PhD from MIT. He is Chairman of CEPR.

Gene Frieda was a global strategist for Moore Europe Capital Management. He received a BA in Political Science and Economics from the University of Oklahoma and an MSc in Economics from London School of Economics. From 1995-2002, he was responsible for Global Emerging Markets research, Asian research and Latin America at IDEAGlobal and 4Cast, New York, London and Singapore. From 2002-07 he was Global Head of Emerging Markets Research and Strategy and proprietary trader at RBS.

From 2007-16 he was a Senior Global Strategist at Moore Europe Capital Management (Moore Europe), focusing on global macro policy issues. He is the Vice-Chair of the Committee on the Future of the Global Financial System, World Economic Forum. He is an Associate of the Political Economy of Financial Markets project, Oxford University.

Patrick Honohan was Governor of the Central Bank of Ireland until November 2015 and is a CEPR Research Fellow and trustee. He is an Honorary Professor at Trinity College Dublin (where he was formerly Professor of International Financial Economics and Development) and is a non-resident senior fellow at the Peterson Institute for International Economics. Previously he was a Senior Advisor in the World Bank working on issues of financial policy reform. During the 1980s he was Economic Advisor to the Taoiseach (Irish Prime Minister). He has published widely on issues ranging from exchange rate regimes and purchasing-power parity, to migration, cost-benefit analysis and statistical methodology. He is a Member of the Royal Irish Academy and a past president of the Irish Economic Association.