Inaugural lecture: adjunct professor Jesper Berg, Nykredit Bank

The Department of Finance is pleased to announce that managing director at Nykredit Bank Jesper Berg is appointed adjunct professor of finance at CBS.

On this occasion the Department of Finance welcomes everyone for the inaugural lecture on August 28, 2015 at 2.30 p.m. The lecture will be followed by a reception.

Title: The fall of Bagehot - An inductive approach to understanding monetary policy implementation

Abstract:

The lecture will to provide an introduction to monetary policy implementation and the challenges posed by the financial crisis. Monetary policy implementation is normally about setting a short term interest rate. This apparently simple task is complicated by additional objectives, e.g. in relation to the structure of the money market, as well as the necessity to decide on a number of parameters, such as collateral, timing, counterparties and quantitative restrictions on the supply of liquidity. The apparent attempt to both control quantities and prices (rates) is one of the more mind bugling aspects of monetary policy implementation. The financial crisis has demanded great flexibility in relation to the setting of parameters, and one of the consequences has been that the distinction between monetary policy lending and the lender of last resort role of central banks in the spirit of Bagehot has become blurred. Central banks have also moved beyond setting a short term rate as financial markets became disconnected.

See the slides here: jesper_bergtiltraedelsesforelaesning.pdf.

For more information about the appointment, please see here.