Brian Sack
Showing 1–2 of 2 transcripts.
- Milken Institute1h 1m
Monetary Policy: Forward Guidance on the World's Central Banks
Dave, Brian Sack, Janet Yellen, Mike, Athanasios, Cliff Noreen, Jeremy Stein, Dan Tarullo, Mario Draghi
Chair Janet Yellen and FOMC panelists addressed critical shifts in central bank communication, debating the efficacy of dot forecasts versus probability distributions while navigating the transition from a zero-rate regime to imminent tightening. Discussions on economic slack highlighted a pivot toward viewing labor force participation gaps as largely structural, sparking debate over secular stagnation theories and the risks of anchoring policy to negative equilibrium rates. Amidst record corporate debt levels and a historic divergence between the Fed's normalization efforts and the ECB's accommodative stance, experts forecast a gradual rate hike trajectory for 2016 despite persistent uncertainty regarding future inflation dynamics.
- Milken Institute55 min
MI Summit 2013 - London: Quantitative Exiting: The Road Ahead for Monetary Policy
Laurence Boone, Jason Cummins, Spencer Dale, Brian Sack, David Zervos
Senior officials from the Federal Reserve, Bank of England, and ECB discussed the $10 trillion expansion of global central bank balance sheets, highlighting that future limits are defined more by political legitimacy and market stability than strict GDP thresholds. Panelists explained that recent policy shifts prioritize keeping interest rates low to stimulate growth, with the Fed planning to maintain a massive balance sheet until at least 2020 while the Bank of England commits to eventually selling sovereign assets to preserve credibility. While experts agree that the expanded monetary base poses limited inflation risk through tools like reverse repos, they acknowledge the trade-offs include a "Faustian bargain" of accepting asset bubbles to achieve macroeconomic stability.