2017 proved to be a year of surprises. The 6% appreciation of the renminbi was one of those many surprises. In our first article, Chi Lo reviews the prospects for the renminbi in 2018, and asks whether the Chinese currency will confound market expectations once again.
In a week in which Jerome Powell takes the helm at the Federal Reserve, Steven Friedman, in our second article this week, examines the question of whether a new Chair could also mean a new monetary framework. Discussions about alternative monetary frameworks, particularly price level targeting or raising the inflation target, are believed to have been taking place in the background
for some time. Steve explores the possible form and timing of any changes, sounding a cautionary note on how long this process may take.