INTERVIEWER: I'll ask you more about that in a bit, but going back to history-of course you knew Salvador Allende. In the '60s it was much easier to convince an American university to accept somebody with a law background. And I told them: "Look, I have a grandson, and my grandson gets to my house and says, 'Hi, abuelo,' and then goes to play with the computer. They wanted to say they were doing this for productivity, and when we had to import this capital, we were dependent on the technology that was provided for the Northern part of the world and not for the Southern part. It's quite different when you have an open economy and you are asking for a very high price in beer. Or probably the major countries, and the major countries plus some other countries. Well, the question of who is going to make opposition is difficult to say. But when you go to democracy, then I think that the coalition that was able to perform this transition -- I was minister of education during those days -- has a tremendous challenge. In other words, I do believe really that to have sound economic policies is not something of the right-wing or the left-wing parties. to be the way the market works. I also study monetary policies that target a constant, but nonzero, nominal interest rate, and find that to the extent that a financial asset is valued as a means to facilitate transactions, the asset’s real rate of return will include a liquidity return that depends on monetary considerations. guy who's not so desperate but can help him a little bit, then, probably, if the loan occurs, there will be a very high interest rate. RICARDO LAGOS: The difference with regard to the right? Everybody was coming from [all over]. Many writers, painters, people were expelled, so what happened when so many Chileans suddenly start looking at Chile from abroad, the most important thing I would say is [they gain] some sort of cosmopolitan point of view of what's going on. He also served two years as President of the Club de Madrid, a group of global leaders working on governance and conflict issues, and remains a member of the organisation. Federal Reserve Bank of Minneapolis Research Division, Originally presented at the Thirty-fourth Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis and published as part of their conference proceedings (Federal Reserve Bank of St. Louis. We have a different voice, don't you think so? And this is a little bit different in our countries. And then they'll say, "That country is not very good now"; then there's the downturn. In the case of Argentina it was very difficult at the end for President Alfonsín, because of the economic policy, to be able to end his term, and he just transferred to the new president, Menem, six months in advance. How can you explain today the difference between the haves and the have-nots when you have a Mr. Bill Gates? And that is a political decision. ", Ricardo Lagos & Guillaume Rocheteau, 2009. I would say it's more today a political problem. Water and services are going to be public and therefore have to be provided for everybody. The feudal system. Before the crisis it was zero and now they pay 25 basis points. Now, take a postcrisis example. Now it's true -- the market makes a differentiation; I cannot complain. ", Pierre-Olivier Weill & Guillaume Rocheteau & Ricardo Lagos, 2007. This is really the question. To a big extent this renewal has to do with the way that the left-wing intelligentsia and the left-wing leadership were able [to come together]. I'm in favor of the market in order to export coho, but I also want to know that worker has unemployment insurance. Why do they borrow and lend overnight in such short term in this market? Give me that stage. Michael Woodford, Professor of Economics, New York University, Paper: "Trade Dynamics in the Market for Federal Funds" (with Gara Afonso). And who is going to define during a crisis? I tax the higher income, and I provide goods to the poor. Well, who is going to make the judgment? When is Chile going to produce a car of our own? RICARDO LAGOS: That they are right in a sense; that they are asking for rules. interest on reserve tool might be a more conducive way of achieving that goal. We try to do our task, and I think that Chile has been doing our task, and we have our economy in order. Ricardo Lagos addressed world leaders, youth advocates, celebrity champions and civil society to reflect on Chile's experience and called for political leaders to make Universal Health Coverage their top priority. “Twenty-five years after the landmark #BeijingDeclaration on women’s rights, all global leaders and citizens need t… https://t.co/HAKQxkRznE, "From #Poland & #Belarus to #Chile & #Lebanon, women are at the vanguard of movements defending liberty and social… https://t.co/nSG8bLvwpX, Country Allende did an election for Parliament. So sometimes they want to increase the fed funds rate, sometimes they want to reduce it. However, I guess it's much more difficult the other transition -- to go from those economic policies taken under the dictator regime when you don't care about opinion polls, you don't care what's going to happen in Congress because you don't have Congress; you don't care about anything. They think its red parts do some important effect on the human body, and they sell to the Japanese, and the rest of the coho is sent to Paris. You see what I mean? The concern with that is, that worked well in a situation where the open market operation is relatively big relative to the reserves in the system. No homework and only graded on online tests and quizzes. Do you feel left out from the process? Let me put it this way: The U.S. economy, Japan, and Europe were complete economies in the sense that they produced consumer goods and capital goods, and the capital goods that they produced were capital goods produced for the factors of production that they have. And we succeeded in that. RICARDO LAGOS: Well, I went abroad. Great Class! We will never share your email address with third parties. Nobody will discuss that in connection with defense. So I went to Bordeaux. It means that we need to have some social security, to have some kind of pension system, etc. Asset Prices, Liquidity, and Monetary Policy in the Search Theory of Money, 2010 | Federal Reserve Bank of Minneapolis Quarterly Review 3312. INTERVIEWER: How did you learn that lesson? With regard to the right, the major differences are, how are we going to define public services? But a decision that everybody has to be in school is a citizen decision. What else is the discussion of the World Bank? INTERVIEWER: What would you say to him if you could tell him more of your thoughts? Now, there is an effort to produce those rules by the year 2007. And that's how you manage Is the rate of interest that the president of the Central Bank of Chile fixes more important, or is the rate of interest of [another economy] more important? Currently professor of economics at New York University, Ricardo Lagos joined the Federal Reserve Bank of Minneapolis as a consultant from 2015 to 2017. Nobody cared about him. It seems to me that the correlation between education and income is very high. In 2007, for example, if you looked at the whole banking sector in the U.S. on a typical day and you added up all their reserve balances—this cash that they hold at the Fed—they would be holding something on the order of $50 billion, of which over 90 percent or over 95 percent, depending on the day, would have been required reserves, meaning that cash they One way to phrase the question is: Why do banks hold INTERVIEWER: Do you believe that the term "socialist" used to describe you is an adequate term or a bad term? They wanted to be together in Bordeaux to discuss what can we do with Mr. Pinochet and so on and so forth. ", Kiyotaki, Nobuhiro & Lagos, Ricardo & Wright, Randall, 2016. So you give the private sector (the banks) Treasuries and then that reduces the amount of reserves. Can we? "Yes, but I know a little bit about the real world. And I think that the time has come to have a global discussion on all these issues -- on trade, on investment, on taxation, on financial flows going from one country to another. This market does not look like that, like you were saying. ", Ricardo Lagos & Guillaume Rocheteau & Pierre-Olivier Weill, 2007. So the rich got richer and the poor got richer, but the gap hasn't been closed.
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