male silhouette.Erik Townsend and Patrick Ceresna welcome John Greenwood to MacroVoices. Erik and John discuss:

  • Where are we in the business cycle and what comes next?
  • The mechanics of what really drives the cycle
  • Understanding the importance of broad money
  • Relationship of money growth and GDP
  • The signs at the end of the business cycle
  • The role the debt plays in the business cycle
  • Money supply measured by M2/M3
  • Money and the shadow banking system
  • Broad money growth vs. inflation average




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John Greenwood is Chief Economist of Invesco Ltd. A graduate of Edinburgh University, he did economic research at Tokyo University and was a visiting research fellow at the Bank of Japan (1970-74). From 1974 he was Chief Economist with GT Management plc, based initially in Hong Kong and later in San Francisco. As editor of Asian Monetary Monitor he proposed a currency board scheme for stabilizing the Hong Kong dollar in 1983 that is still in operation today.

Mr. Greenwood was a director of the Hong Kong Futures Exchange Clearing Corporation (1987-91) and council member the Stock Exchange of Hong Kong (1992-93). An economic adviser to the Hong Kong Government (1992-93), he has been a member of the Committee on Currency Board Operations of the Hong Kong Monetary Authority since 1998. He is also a member of the Shadow Monetary Policy Committee in England. Mr. Greenwood is a director of Invesco Asia Ltd in Hong Kong, Invesco Asset Management Singapore Ltd, and the Hong Kong Association in London. He has been a Fellow of the Johns Hopkins Institute of Applied Economics since June 2016.

In 1980 he translated Yoshio Suzuki’s book, “Gendai Nihon Kinyuron” as “Money and Banking in Contemporary Japan” from Japanese. In 2007 he authored a book entitled “Hong Kong’s Link to the US Dollar: Origins and Evolution” (Hong Kong University Press) which covers the collapse of the currency in 1983 and its subsequent restoration to stability under the plan he devised.