‘Hyman Minsky was right’ – Don Kohn
Macro-prudential policy needs to be well communicated, says Bank of England policy-maker
Economist Hyman Minsky was right that long periods of prosperity “contain the seeds of their own destruction”, Don Kohn said on September 7, noting this was a lesson “we had to relearn” when the crisis struck.
Speaking at the 200th anniversary of the National Bank of Denmark, the Bank of England (BoE) policy-maker said he believed macro-prudential policy was a “promising addition” to the regulatory toolkit, which could mitigate some of the risks that Minsky feared.
“Global financial stability
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