On September 17, the Federal Reserve postponed again the decision – ‘announced’ many times in advance – to raise interest rates toward “normal” levels after eight years of expansive monetary policy at zero. During this period, the growth of the monetary base has driven long‐term rates to historic lows and thus enabled a recovery to pre‐crisis […]
Marcello Minenna is head of the quantitative analysis unit in Consob (the Italian Securities and Exchange Commission). He has taught quantitative finance at Bocconi University and at the London Graduate School of Mathematical Finance. He is a regular writer for the Wall Street Journal and Corriere della Sera and is a member of an advisory group which supports the economic analysis of the biggest Italian trade union, CGIL.