The effects of Unconventional Exchange Rate and Monetary Policy, as explained by Joseph Gagnon

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In this interview, we discussed one of his latest research paper "Unconventional Monetary and Exchange Rate Policies" and the new book he coauthored with C. Fred Bergsten, "Currency Conflict and Trade Policy: A New Strategy for the United States".

The latest paper that you are talking about "Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies" which is in the Open Economy Review, and also a working paper in the IMF and Federal Reserve.

They have a floating exchange rate and independent monetary policy.

Some countries let the central bank take the lead. Other countries let the finance ministry takes the lead. In exchange rate policies, you see quite a lot of differences also.

If you are a country that doesn't have a big government bond market, that's an alternative way of doing monetary policy.

In Part II of the interview, Gagnon will discussion his latest research on Asian Financial Crisis, Hong Kong Stock Market intervention and the implications of such intervention policy.

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