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SUMMARY:Going Negative: The Legal\, Institutional\, and Political Case for
  Negative Interest Rates at the U.S. Federal Reserve  - Peter Conti-Brown\
 , the Wharton School of the University of Pennsylvania
DTSTART:20161110T130000Z
DTEND:20161110T140000Z
UID:TALK65450@talks.cam.ac.uk
CONTACT:Cerf Admin
DESCRIPTION:For nearly a decade\, global central banks have battled a “n
 ew normal” of low inflation and low growth. To combat these dynamics\, s
 ome central banks—the Bank of Japan\, the Swiss National Bank\, and the 
 European Central Bank\, among others—have pursued a policy of dropping t
 heir target interest rates below the zero lower bound. Conspicuously absen
 t from this group is the Federal Reserve\, despite facing similar economic
  headwinds that suggest that negative interest rates could be more effecti
 ve than other policies the Fed has pursued. \nIn this paper\, we provide t
 he not merely the economic case for negative interest rates (although we s
 ummarize the evidence and theory)\, but discuss the main barriers that fac
 e the Fed in adopting this policy: law\, politics\, and institutions. We d
 iscuss the technical landscape that the Fed will encounter\, and discuss t
 he path the Fed can pursue well short of seeking legislative amendment to 
 the Federal Reserve Act. \n
LOCATION: Lecture Theatre 3\, Cambridge Judge Business School (http://www.
 jbs.cam.ac.uk/aboutus/location.html)
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