Five years in the tower

Remarks by Mr Stephen G Cecchetti, Economic Adviser and Head of Monetary and Economic Department of the BIS, prepared for the 12th BIS Annual Conference, Lucerne, Switzerland, 20-21 June 2013.

BIS speech  | 
20 June 2013
by Stephen G Cecchetti
PDF full text
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  |  9 pages

This is my fifth and last opportunity to deliver opening remarks. Consistent with this year's theme, "Navigating the Great Recession", I'd like to focus on what I have learned during my five years at the BIS and offer some insights in three broad areas: economic research, policy and, lastly, the work of the BIS itself.

Insights for economic research

For economic research, I draw two lessons from my experience:

  1. Quantities matter more than we thought.
  2. Moral hazard is worse than we thought.
The views expressed here are my own and not necessarily those of the BIS or its member institutions.