Apr 10

Past Event

Global Monetary Policy: A View from Emerging Markets

Event Materials



  • David Wessel Introduces Raghuram Rajan

    David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy and a senior fellow in Economic Studies at Brookings introduces Governor of the Reserve Bank of India Raghuram Rajan.

    David Wessel

  • Unconventional Central Banking Policies

    Raghuram Rajan, Reserve Bank of India: Both advanced economies and emerging economies need to adapt, or else I fear we are about to embark on the next leg of a wearisome cycle.

  • Four Central Banking Policy Concerns

    Raghuram Rajan, Reserve Bank of India: The key question is what happens when central bankings policies are prolonged long beyond repairing markets -- and there the benefits are much less clear.

  • Two Key Aspects Missing from Raghuram Rajan's Proposal

    Vitor Constancio, European Central Bank: Rajan's proposal is missing two aspects: consideration of what would have happened if economies had not pursued these policies after 2009 and negative output gap in advanced economies.

  • The U.S. Consumer Is Slowly Improving

    Charles Evans, Federal Reserve Bank of Chicago: The U.S. consumer is slowly improving but is just a shadow of its former self. I think we all need to pay attention to that when we think about the international implications.

  • Important to Consider Feedback of Unconventional Monetary Policies

    Alexandre Tombini, Central Bank of Brazil: agrees with some of Rajan's proposals, but notes that it's important to consider the feedback and spillover effects of unconventional monetary policies.

  • Central Banks Working Under Extreme Constraints

    Eswar Prasad: Central bankers are doing exactly the right thing given their mandates and responsibilities they have to take care of in their countries' economic areas, but the reality that we face is that each of these policies in terms of the cost-benefit calculus look very different depending on where you're sitting.

    Eswar Prasad

Full Event


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The Federal Reserve’s moves to scale back its purchases of long-term bonds, a first step towards the exit from more than five years of unconventional monetary policy, has contributed to recent turmoil in financial markets around the world and provoked complaints from some emerging markets. Are the Fed and its counterparts in Europe and Japan insufficiently sensitive to the impact their moves have on emerging markets? Are emerging markets blaming the Fed for their own policy sins? Are financial markets overreacting? Can global economic-policy coordination be strengthened? Should it be?

On April 10, the Hutchins Center on Fiscal and Monetary Policy at Brookings hosted Raghuram Rajan, India’s central banker to discuss emerging markets’ perspective on advanced-economy monetary policies, a subject on which he has been very outspoken lately. Responding to Gov. Rajan’s remarks was Charles Evans, president of the Federal Reserve Bank of Chicago; Vitor Constancio, vice president of the European Central Bank; Alexandre Tombini, governor of the Central Bank of Brazil; and Eswar Prasad, the New Century Chair in International Trade and Economics and a senior fellow in Brookings’ Global Economy and Development program. The discussion was moderated by David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy and a senior fellow in Economic Studies.

Read David Wessel's blog post on the event »
Learn more about Raghuram Rajan »

(Paul Morigi) Raghuram Rajan delivering the keynote address

(Paul Morigi) Raghuram Rajan answering a question during the panel discussion.

(Paul Morigi) Panelists (L-R) David Wessel (moderator), Vitor Constancio, Eswar Prasad, Alexandre Tombini, Charles Evans and Raghuram Rajan.

(Paul Morigi) Brookings distinguished fellow in residence Ben Bernanke asking a question during audience Q&A.

Event Agenda


April 10, 2014

11:30 AM - 12:30 PM EDT

Falk Auditorium

The Brookings Institution

1775 Massachusetts Ave., N.W.


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