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Jon Hartley

MPP Candidate and researcher, Harvard Kennedy School

Jon Hartley is an MPP Candidate and researcher at the Harvard Kennedy School. His research interests include empirical macroeconomics, behavioral macroeconomics, behavioral finance and public economics. Jon previously worked as an associate at Goldman Sachs Asset Management in their Fixed Income and Quantitative Investment Strategies groups and in various research/policy roles at the World Bank, the Committee on Capital Markets Regulation, the U.S. Congress Joint Economic Committee, the Federal Reserve Bank of New York, and the Federal Reserve Bank of Chicago. He graduated from University of Chicago with a B.A. in Economics and Mathematics with Honors and an MBA from The Wharton School, University of Pennsylvania.

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Credible emerging market central banks could embrace quantitative easing to fight COVID-19

Emerging economies are fighting COVID-19 and the economic sudden stop imposed by the containment and lockdown policies, in the same way as advanced economies. However, emerging markets also face large and rapid capital outflows as a result of the pandemic. This column argues that credible emerging market central banks could rely on purchases of local currency government bonds to support the needed health and welfare expenditures and fiscal stimulus. In countries with flexible exchange rate regimes and well-anchored inflation expectations, such quantitative easing would help ease financial conditions, while minimising the risks of large depreciations and spiralling inflation.

By: Gianluca Benigno, Jon Hartley, Alicia García-Herrero, Alessandro Rebucci and Elina Ribakova Topic: Global economy and trade Date: July 6, 2020