Our guest is the eminent economist Paul Sheard, Senior Fellow at the Harvard Kennedy School’s Mossavar-Rahmani Center, an expert in both monetary policy and the Japanese economy.
Dr Sheard explains how innovations originally conceived at the Bank of Japan decades ago including quantitative easing have been used to combat recent financial crises. He recommends structural changes that could ostensibly affect the independence of central banks, since in practice a merger of fiscal and monetary policy has already begun in earnest. He also weighs in on fintech and innovations that began not on Wall Street or Washington, but in Silicon Valley, imagining changes in the financial ecosystem in the decades to come.