Joint research unit 7235

Bilan sur le consensus de Jackson Hole

Anne-Marie Rieu-Foucault

Before the 2007 crisis, the monetary authorities agreed in Jackson Hole for independence between monetary policy and financial stability. They thus validated the mandate of central banks with the objective of price stability. This point, however, is debated. This paper takes the arguments that led to the Jackson Hole consensus before the crisis and then revisits them in the light of the 2007 crisis. Financial imbalances and the existence of a risk-taking channel need to be addressed by economic policy. After the crisis, the monetary authorities chose to implement macroprudential policies to address this concern but did not question the independence between monetary policy and financial stability, resulting in the separation of monetary policy and macro-prudential policies. The limitations of macroprudential tools may, however, lead to changes in the central bank’s strategy or mandate for the integration of a financial stability objective into monetary policy.

AGENDA

Monday 4 March 2024

The Bright Side of the GDPR: Welfare-improving Privacy Management

Shiva Shekhar (Tilburg Univ)

The Bright Side of the GDPR: Welfare-improving Privacy Management

Monday 4 March 2024

Law, Institutions and Economics in Nanterre (LIEN)

Shiva Shekhar (Tilburg Univ)

The Bright Side of the GDPR: Welfare-improving Privacy Management

Tuesday 5 March 2024

Recherche et Economie et Socioéconomie Politique, des Institutions et des Régulations (RESPIR)

Thomas Angeletti (Université Paris Dauphine PSL & IRISSO CNRS)

L’invention de l’économie française

Tuesday 5 March 2024

L’invention de l’économie française

Thomas Angeletti (Université Paris Dauphine PSL & IRISSO CNRS)

L’invention de l’économie française

Tuesday 5 March 2024

Webinar TELE – Theoretical European Law & Economics

Ester Manna (University of Barcelona, Spain)

3:00 pm to 4:15 pm (Paris time)

TBA

Tuesday 5 March 2024

TBA

Ester Manna (University of Barcelona, Spain)

3:00 pm to 4:15 pm (Paris time)

TBA

Wednesday 6 March 2024

Économies du monde musulman

Amal Briki (Agence Alnaft, Alger)

Les déterminants de la performance bancaire en Algérie

Wednesday 6 March 2024

Les déterminants de la performance bancaire en Algérie

Amal Briki (Agence Alnaft, Alger)

Les déterminants de la performance bancaire en Algérie

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