mercoledì 23 agosto 2017

The interdependence of research and policymaking . Speech by Mario Draghi, President of the ECB, at the Lindau Nobel Laureate Meeting, Lindau, Germany, 23 August 2017

The interdependence of research and policymaking

I am especially thankful to Professor Hellwig for inviting me to address this conference. All of you Nobel laureates share the extraordinary ability to explain parts of our everyday reality that have not been understood before, or were previously seen from a different, and less informative, perspective. You are the builders of a science that is also a guide to policymaking. Your discoveries have contributed to the way we think, the way we do policy, the way we affect the welfare of millions of individuals.
This year marks the 200th anniversary of David Ricardo’s Theory of Comparative Advantage[1] – in the words of Paul Samuelson, one of the few counter-intuitive fundamental ideas in economics, which moved the world away from mercantilism. And when we look at other giants in the history of economic thought, Adam Smith, who laid down the foundations of capitalism; Keynes, who drove us into policy activism and away from laissez-faire; until the founders of econometric model building in post-war time, we cannot but conclude that there is little in economics that does not have policy implications and that the interaction between research and its policy application is continuously evolving in an ever expanding universe.
Let me review the most recent development of those interactions and in so doing, I will focus on monetary policy and financial regulation.(segue)

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