Alan Greenspan, the Quants and Stochastic Optimal Control

Alan Greenspan , the confidence strategy

To evaluate the Greenspan era, we nevertheless need to address three questions: Is his success due to talent or just luck? Does he have a system of monetary policy or is he himself the system? What will be his legacy? Greenspan was certainly lucky, but he was also clairvoyant. Above all, he has developed a profoundly original monetary policy. His confidence strategy is clearly opposed to the cr...

Alan Greenspan: The payments system in transition

It is a pleasure to be with you this morning and to add my welcome to this very important conference on the payments system being hosted by the Federal Reserve's Payments System Development Committee. The name of the conference--The Payments System in Transition--captures not only the state of the financial services that we all use to make payments, but also the expectations of many payments sy...

Alan Greenspan: Banking (Central Bank Articles and Speeches)

It is a pleasure to join you once again at the annual convention of the American Bankers Association. By any measure, banking in the United States today is strong, vibrant, and profitable. However, a number of times in the past half-century, many informed observers questioned the longterm viability of commercial banking. U.S. commercial banks, which began the post-World War II period as the dom...

Alan Greenspan: Oil (Central Bank Articles and Speeches)

Owing to the current turmoil in oil markets, a number of analysts have raised the specter of the world soon running out of oil. This concern emerges periodically in large measure because of the inherent uncertainty of estimates of worldwide reserves. Such episodes of heightened anxiety about pending depletion date back a century and more. But, unlike past concerns, the current situation reflect...

Quantitative Determination Of Optimal Fiscal And Monetary Policies: A Stochastic Optimal Control Analysis For Iran