Central Bank Machines

Instability, Independence, and Interest Rates
Tuesday December 1, 2015

Paul McCulley, Warren Mosler, & Frank Newman discuss central banking in the post-2008 era.


This seminar explores the evolving functions, responsibilities, and theoretical frameworks of central banks in the post-2008 era. Questions to be addressed include:

What is the relationship between central bank institutions and sovereign state power?

What role do international swap lines play in the future of global macroprudential regulation?

How do recent innovations such as interest on excess reserves and term deposits affect the interaction between monetary and fiscal policy?



Paul McCulley

Former Chief Economist and Managing Director
Pacific Investment Management Company, LLC

Presently weighing opportunities in academia, Paul McCulley recently re-retired from PIMCO, as Chief Economist and Managing Director, serving as a member of the Investment Committee in Newport Beach, and authoring the publication, Macro Perspectives.

Warren Mosler

Valence Co, Inc

Warren Mosler is the President of Valance Co, Inc., and former Senior Financial Advisor to Senator Ronald E. Russell, President of the 29th Legislature of the U.S. Virgin Islands. He is the founder of the III Funds, which currently manages about $3.5 billion, as well as the Founder and Former Owner of Mosler Automotive, which manufactures the MT900 sports car in Riviera Beach, Florida. Mr. Mosler has written a number of academic papers on issues relating to macroeconomics and monetary policy, is the author of Seven Deadly Innocent Frauds of Economic Policy” (2010), and is the founder of what is currently known as Modern Monetary Theory. He maintains a personal blog, and can be followed on Twitter.

Frank Newman

Frank Newman has served as Undersecretary and Deputy Secretary of the U.S. Treasury, where he was awarded the Alexander Hamilton Award, the Department’s highest honor.


Kristin N. Johnson

Professor of Law
Seton Hall University School of Law

Professor Johnson is a Professor of Law at Seton Hall University School of Law. She specializes in the area of financial markets regulation.