Observatory attends conference on credit crunch

coinsI was invited to join leading commentators and academics at a key conference at Cambridge University to examine the causes and possible cures of the current financial crisis.

The conference, The Big Crunch and the Big Bang was organised by the Cambridge Trust brought together delegates from universities across Europe, policy heads and businesses.

The first half of the conference examined the possible causes of the current crises: Prof. Philip Arestis of Cambridge University presented his paper on a Keynesian critique of post 1997 macro-economic policy while Elias Karakitsos proposed a new macro approach based on targeting new measures beyond existing standard targets.

The second half of the conference looked at modelling the macro shocks and the implications for policy. The session began with a presentation on the Global VAR (Vector Auto Regression) model developed by Prof. Hashem Pesaran.

Leonardo Gambacorta head of the Money and Credit Unit in the Economic Outlook and Monetary Policy Department of the Bank of Italy presented evidence of credit markets in the Eurozone.

The conference was concluded with an overview from Dr. Terry Barker, head of the Cambridge Trust. Dr. Barker examined the causes, consequences and policy solutions for the global financial problems.

All presentations are available from the conference website.

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