Ewart S Williams: National Financial Literacy Programme of Trinidad and Tobago Opening remarks by Mr Ewart S Williams, Governor of the Central Bank of Trinidad and Tobago, at the launch of the National Financial Literacy Programme, Port-of-Spain, 22 January 2008.
In designing the new ECB-MC we have therefore started from the premise that, in the words of Olivier Blanchard, “policy models” cannot be expected to have the same tight structure as “theory models”.8 We have decided to adopt a semi-structural approach inspired by two guidelines: 1) include financial frictions or financial mechanisms that could allow monetary policy shocks to be transmitted via channels that were absent before the crisis; 2) adopt a more flexible and empirically-driven approach.