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South Africa: The Search for Balanced and Sustainable Economic Growth
Warnock, Francis E.Caso DARDEN-GEM-0179-EEconomíaThis case follows Lesetja Kganyago, governor of the South African Reserve Bank (SARB), and his efforts to keep inflation between 3% and 6% and, if possible, close to the midpoint of that range (i.e., 4.5%). This policy, part of the inflation targeting (IT) regime put in place in February 2000, forced the SARB to tighten monetary policy substantially and repeatedly in 2014 and 2015, when inflation was above the target, arguably pushing the economy...Desde 8,20 €
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Euro Zone Convergence, Divergence...and Then What?
Warnock, Francis E.; Debaere, PeterCaso DARDEN-GEM-0107-EEconomíaA hedge-fund strategist had two decisions to make. First, what was the path of core euro zone long-term interest rates likely to be over the next year? Was the dramatic decline in German long rates over the past few years an aberration that would soon be reversed, or was it part of the “new normal” that would persist for some time? Second, how would periphery long rates evolve relative to core rates? That is-the spread between long rates in the l...Desde 8,20 €
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Janet Yellen: Navigating Uncharted Waters
Warnock, Francis E.Caso DARDEN-GEM-0134-EEconomíaIn January 2016, Janet Yellen, finishing her second year as chair of the Board of Governors of the U.S. Federal Reserve, was navigating uncharted waters along a number of dimensions. She had inherited an unruly FOMC. Over the past year, some members had publicly called for more expansionary Fed policy; others called for an end to the expansionary Fed policy; and still others worried aloud that Fed policy might be creating bubbles and risks to fin...Desde 8,20 €