William English

Professor, Practice of Finance at Yale School of Management
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Bill English joined Yale University in 2016. He had previously been at the Board of Governors of the Federal Reserve System, including, from 2010 to 2015, as Director of the Division of Monetary Affairs and Secretary to the Federal Open Market Committee. In that position, Bill oversaw the development of monetary policy, working extensively on issues related to asset purchases, policy normalization, and policy communication. His research has focused on issues related to monetary policy, including unconventional policy, and banking issues.

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  • On his broad claims about the economy, the underlying trends in output and employment don’t look very different than they did in the last several years of the Obama administration. He is right that growth was relatively strong last year, but that reflected the temporary effects of the tax cuts on aggregate demand. But the tax cuts have boosted the federal deficit and do not appear to have boosted underlying growth. The higher deficits will reduce the fiscal space available to respond to the next downturn; it would be better to build fiscal space now so that we can use it when we need it.

  • Why is a rate cut compelling now when the incoming data has been pretty solid and trade talks with China are restarting? I think that’s a good question.

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