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The Federal Reserve s New Framework And Outcome-Based Forward Guidance, Vice Chair Richard H. Clarida, At SOMC: The Federal Reserveâs New Policy Framework A Forum Sponsored By The Manhattan Institute s Shadow Open Market Committee, New York, New York (Via Webcast)
The Federal Reserve s New Framework And Outcome-Based Forward Guidance, Vice Chair Richard H. Clarida, At SOMC: The Federal Reserveâs New Policy Framework A Forum Sponsored By The Manhattan Institute s Shadow Open Market Committee, New York, New York (Via Webcast) Date
14/04/2021
On August 27, the Federal Open Market Committee (FOMC) unanimously approved a revised Statement on Longer-Run Goals and Monetary Policy Strategy, and, at its September and December FOMC meetings, the Committee made material changes to its forward guidance to bring it into line with this new policy framework.1 Before I discuss the new framework and the policy implications that flow from it, I will first review some important
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Singapore can revive its economic engine and equity markets with Central Provident Fund (CPF) reforms. Tapping CPF cash to induce positive feedback loops between Singapore’s pension assets and capital markets can economically revive the domestic economy and mitigate the risks of income disparity in the post-COVID world.
Successful financial centres like New York City, London and Hong Kong enjoy major economic benefits, generating significant revenue through financial services. In 2018, Hong Kong’s financial services sector accounted for 20% of GDP and 7% of the workforce, compared to 13.9% of GDP and 5% of the workforce in Singapore.
However, Singapore’s strength in wealth management and banking does not meaningfully contribute to the real economy. “Do banking sector and stock market development matter for economic growth?” published in 2019 by Empirical Economics, illustrates how banking sector growth failed to contribute to real economic growth which sustains employment
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