Barry Eichengreen | Clausen Center

Barry Eichengreen

George C. Pardee and Helen N. Pardee Professor of Economics, Professor of Political Science

Economics and Political Science

Barry Eichengreen is the George C. Pardee and Helen N. Pardee Professor of Economics and Professor of Political Science at the University of California, Berkeley, where he has taught since 1987. He is a Research Associate of the National Bureau of Economic Research (Cambridge, Massachusetts) and Research Fellow of the Centre for Economic Policy Research (London, England). In 1997-98 he was Senior Policy Advisor at the International Monetary Fund. He is a fellow of the American Academy of Arts and Sciences (class of 1997). Professor Eichengreen is the convener of the Bellagio Group of academics and economic officials and chair of the Academic Advisory Committee of the  IMF policy.

Summary of recent papers:

Global Monetary Order

Date: 2016

Citation: in Vitor Constancio and Philipp Hartmann (eds). The Future of the International Monetary and Financial Architecture (European Central Bank).

The article argues that the current international monetary and financial architecture displays elements of both order and disorder. Order is defined as an arrangement of items in relation to one another according to a particular sequence, pattern or method. Thus, we see elements of order in the exchange-rate arrangements operated by different countries, which are not entirely without logic. We see elements of order in policies toward international capital flows, which include, in different countries, restrictions on capital account transactions, adjustments in macroeconomic policies and the adoption of macroprudential measures. We see elements of order in the provision of international liquidity, denominated mainly in a handful of leading national currencies that are traded in deep and liquid markets and used internationally. Finally, we see elements of order in how oversight of exchange rates, capital flows and international liquidity is provided through the International Monetary Fund, but also through other groupings of countries. At the same time, the current architecture also displays elements of disorder, defined by Merriam-Webster as “a confused or messy state”. The constellation of exchange-rate arrangements is nothing if not messy. There is disagreement and confusion about whether these deliver an appropriate degree of economic, monetary and financial stability. The same can be said of the management of capital flows, the provision of international liquidity, and the global safety net cobbled together out of multilateral, regional and bilateral arrangements.

 

"The Dollar and the International Dimension of Monetary Policy," 

Date: 2016

Citation: Revista d Economia 

This paper asks and tries to answer the question of whether Central Banks should tailor their policies to the impact of those policies on economic conditions abroad and in the rest of the world, and if so, how. The focus is on a case that is on everybody’s mind at the moment, namely, the Federal Reserve. The paper uses historical evidence, look at a particular historical episode or a series of episodes where international considerations figured importantly in decision making on the part of the Fed, and ask how things worked out in that earlier episode to be able to draw inferences about relevant issues in the current episode.

 

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