Monday, February 10th 2014
6:00pm – 8:00pm
The Dynamic Role of Central Banks in the Economy
The modern global economy is constantly in motion; it is an entity that moves by its own inertia. The collective behavior of its actors is unpredictable and uncontrollable. As the economy became more complex and encompassed a larger number of participants, a need arose to develop institutions that were large enough to oversee the economies of nations.
Originally mandated by the U.S. government in 1913, the Federal Reserve was designed to passively maintain an elastic currency and provide credit to the public. It has since evolved to take a more active role in shaping the economy by tempering upswings and downswings. This quasi-public institution is unique in that it possesses the power to directly control the nation’s money supply and interest rates, yet it operates independently of the federal government and funds its own operations. Though central banks are structured differently across countries, their combined involvement in the global economy has continually increased over time. This Symposium will feature three distinguished speakers of different disciplines speaking to the Central Banks’ evolving role in shaping national economies and the impact these Banks have on the global economy.
The Northeastern University Economics Society hosts this annual Boston Symposium on Economics to encourage creative discussion and analytical thought on issues concerning the well-being of citizens of the world.
Schedule of Events
6:00 Doors Open
Please arrive on time as the first 300 people will be allowed in. Food and drinks will be served.
6:30 George Blackford, Director, Real World Economics
Then and Now, 1929 and 2008.
George Blackford is a self-proclaimed state-school economist. A graduate of the University of Michigan-Flint in 1966, he earned his Masters Degree in economics from the University of Michigan-Ann Arbor in 1967 and his Ph.D. in economics at the State University of New York at Buffalo in 1974, with a dissertation on monetary and macroeconomic theory. He focused mainly on statistics and mathematics for the next 20 years. Since his departure from academia in 1987, Professor Blackford has realigned his focus to investigating developments in the field of Economics, especially during the current post-recessionary period.
7:00 Ted Truman, Senior Fellow at the Peterson Institute for International Economics
Central Banks: From an International Institution Perspective
Edwin (Ted) M. Truman, senior fellow since 2001, served as assistant secretary of the US Treasury for International Affairs from December 1998 to January 2001 and returned as counselor to the secretary March–May 2009. He directed the Division of International Finance of the Board of Governors of the Federal Reserve System from 1977 to 1998. From 1983 to 1998, he was one of three economists on the staff of the Federal Open Market Committee. Truman taught at Yale University (1967-74) and has been a visiting economics lecturer at Amherst College and a visiting economics professor at Williams College. He has published on international monetary economics, international debt problems, economic development, and European economic integration. He has an A.B. from Amherst College and a PhD from Yale University in economics. He is the author, coauthor, or editor of numerous publications.
7:30 Noam Chomsky, Massachusetts Institute of Technology
How to Ruin an Economy; Some Simple Ways
Noam Chomsky is an American linguist, philosopher, cognitive scientist, historian, and activist. He is an Institute Professor and Professor (Emeritus) in the Department of Linguistics & Philosophy at MIT, where he has worked for over 50 years. In addition to his work in linguistics, he has written on war, politics, and the mass media, and has published over 100 books. Chomsky was cited as a source more than any other living scholar from 1980 to 1992, and was the eighth most cited source overall. Chomsky has been described as the “father of modern linguistics” and is a major figure of analytic philosophy. He has become well known for his critiques of U.S. foreign policy, state capitalism and the mainstream news media.