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Quotes and Excerpts on Capital Markets and the Economy

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"This is of particular concern when the range of non-conventional measures brings monetary policy closer to the realm of fiscal policy and the institutional effects of these policies are becoming more pronounced. It is vital, then, that our policy assessment incorporates insights from behavioural economics and political economy, rather than relying solely on linear models of the aggregate economy."

Keynote speech by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the celebration of INVESTAS’ 60th anniversary.

Yves Mersch
European Central Bank, “Asset price inflation and monetary policy”, January 2020


“I don’t think you want to stand in the way of the three major central banks when they are expanding their balance sheets.”

Justin Thomson, Chief Investment Officer, Equity
T. Rowe Price, December 2019


"There is something vaguely troubling when the unthinkable becomes routine."

Claudio Borio, Monetary and Economic Department
BIS Quarterly Review, BIS, September 2019


"The German word “Schuld” has two meanings: “debt” and “fault”. This is something even those critics who do not know German (and often do not know much about Germany either) have learned. They believe that the homonym aptly describes the German obsession with debt." 

Stefan Schneider
Deutsche Bank Research Management, August 30, 2019


"It is also important to explore how central banks should use those unconventional policy tools in the future. In that regard, an interesting question is: will those unconventional policy tools become conventional policy tools in normal times?"

Haruhiko Kuroda
Opening Remarks at the 2019 BOJ IMES Conference Hosted by the Institute for Monetary and Economic Studies, Bank of Japan, May 29, 2019


"In the theories I work with, there is always an equilibrium where no one chooses to hold the currency, and its value falls to zero. In this sense, currencies are “fragile". (…) In the 1830s, 90% of the U.S. money supply was privately issued banknotes."

"...more than 2'600 cryptocurrencies have been launched. Nearly all of these remain today at the "zero value" equilibrium mentioned above."

James Bullard
Federal Reserve Bank of St. Louis, July 19, 2019


"Ce qu'il faut faire c'est le Bruxit, c'est sortir Bruxelles de l'Europe. Parce que l'Europe marchait très bien, jusqu'à Mr. Delors qui a décidé d'essayer de transformer l'Europe en une Nation, en un Etat."

Charles Gave
Le Peuple contre Bruxelles, Planetes360, March 13, 2019


"We argue that yield-curve inversions are a signal that monetary policy is tight, and we show that tight policy has a substantially larger impact on the economy than easy policy. In other words, monetary policy’s brake pedal is more powerful than its gas pedal."

Evan F. Koenig and Keith R. Phillips
Federal Reserve Bank of Dallas, February 12, 2019


"I don't think we've even seen the tip of the iceberg. I think the potential of what the internet is going to do to society, both good and bad, is unimaginable. I think we’re actually on the cusp of something exhilarating and terrifying.

Paxman: It’s just a tool though, isn’t it ?

No it’s not. No it’s an alien life form (laughs). Is there life on mars ? Yes, it’s just landed here.

Paxman: But it’s simply a different delivery system there. You’re arguing about something more profound.

O yeah, I’m talking about the actual context and the state of content is going to be so different to anything that we can really envisage at the moment. Where the interplay between the user and the provider will be so in sympatico it’s going to crush our ideas of what mediums are all about."

David Bowie speaks to Jeremy Paxman on BBC Newsnight, 1999


“In a dataset of 10 developed countries for the period 1890-2000, we show that diversification benefits decline as financial markets open up to international capital flows. Diversification benefits disappear as investors chase them."

Dennis Quinn and Hans-joachim Voth
The Diversification Fata Morgana: Capital Account Openness and the Fall and Rise of Stock Market Correlations, 1890-2000 , 2015
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