Tensions Between Economic Policies, Technology and Bankers’ Professional Perceptions

Jocelyn Pixley
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Jocelyn Pixley: London Metropolitan University

Chapter 3 in Financial Markets and Organizational Technologies, 2010, pp 64-91 from Palgrave Macmillan

Abstract: Abstract ‘Risk management can never achieve perfection.’ Alan Greenspan, former chair of the US Federal Reserve (the Fed) wrote this after the credit crisis broke. He still has faith in risk management, saying problems lay not with regulators’ inaction, but with the people using products like derivatives, who became ‘greedy’ and dishonourably peddled them. He implies they lacked the integrity and reliability of ‘the pharmacist who fills out the prescription ordered by our physician’.1 This typical moral argument embodies one of the tensions explored here. The logic is that technical risk models would be perfect were it not for their abuse by people.

Keywords: Monetary Policy; Central Bank; House Price; Federal Reserve; Pension Fund (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-28317-6_3

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DOI: 10.1057/9780230283176_3

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