{"id":2148,"date":"2018-12-17T15:31:33","date_gmt":"2018-12-17T15:31:33","guid":{"rendered":"http:\/\/box5782.temp.domains\/~progrgc9\/staging\/?p=2148"},"modified":"2019-06-28T13:47:08","modified_gmt":"2019-06-28T13:47:08","slug":"price-stability-versus-financial-stability-and-the-real-rate-of-interest","status":"publish","type":"publications","link":"https:\/\/progressiveeconomyforum.com\/development\/publications\/price-stability-versus-financial-stability-and-the-real-rate-of-interest\/","title":{"rendered":"Price stability versus financial stability and the real rate of interest"},"content":{"rendered":"\n<p>In this paper, PEF Council member and Senior Economist at the TUC <a href=\"..\/..\/..\/..\/geoff-tily\/\">Geoff Tily<\/a>&nbsp;responds to a <a href=\"https:\/\/www.bis.org\/speeches\/sp181115.pdf\">speech<\/a> &#8211; &#8216;on money, debt, trust and central banking&#8217; &#8211; given by Claudio Borio, Head of the Monetary and Finance Department at the Bank for International Settlements (BIS), at the 36th Annual Monetary Conference in Washington D.C. on 15 November.<\/p>\n\n\n\n<p>While there is much common ground, ultimately he finds that Keynes&#8217;s conclusions on price and financial stability runs counter to Borio&#8217;s, and argues that the rate of interest should be kept low to maintain financial stability, while quantitative measures should be aimed at controlling inflation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This paper responds to a speech, &#8216;on money, debt, trust and central banking&#8217;, given by Claudio Borio, Head of the Monetary and Finance Department at the Bank for International Settlements. 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