Lecture Examines Victorian Financial Crises and Their Lessons for the Future

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WILLIAMSTOWN, Mass. — Economist Kenneth Kuttner will present the third in the annual series of faculty lectures at Williams College, "What Can Ben Bernanke Learn from Mary Poppins? Victorian Financial Crises and their Lessons for the Future," on Thursday, Feb. 25, at 4 p.m. in Wege Auditorium. The lecture is free and open to the public, and will be followed by a reception.

According to Kuttner, the banking crisis of 2007-2008 is not an unprecedented one. Such upheavals were relatively common in 19th century England. Kuttner's lecture will draw parallels between the dilemmas facing modern central banks and those that occurred in England after 1844. The parallels will help illustrate the answer to the question: Can banks modulate panics by acting as a lender, while also maintaining monetary stability?

Kuttner, who is the Robert F. White Class of 1952 Professor of Economics, is the author of numerous journal articles, published widely, including the Journal of Money, Credit and Banking, Journal of Finance, Financial Review, and North American Journal of Economics and Finance.

His areas of expertise include monetary economics, central banking, financial markets, and the Japanese economy. At Williams, he has taught courses on macroeconomics, growth and sustainability, monetary policy and financial systems.

Before coming to Williams, Kuttner headed the research departments at the Federal Reserve Banks in New York and Chicago. He has been on the faculties of Oberlin College and the Columbia Business School.

He received his B.A. from the University of California at Berkeley and his Ph.D. from Harvard University.
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Williamstown Board Opts to Negotiate with College on Water St. Lot

By Stephen DravisiBerkshires Staff

Newly elected board member Nate Budington, far left, participates in his first in-person meeting along with, from left, Matt Neely, Stephanie Boyd, Peter Beck, Shana Dixon and Town Manager Robert Menicocci.
WILLIAMSTOWN, Mass. — The Select Board on Monday decided to enter into negotiations with Williams College on the sale of the vacant town-owned lot at 59 Water St.
 
But the board members made it clear that the college's proposal to acquire the lot is a starting point, not a final deal that the elected officials would accept.
 
"For the sake of continued conversation, I'm in favor of [awarding Williams the site], but if this process wasn't continued with the opportunity for further negotiation, I wouldn't vote to continue this," Peter Beck said. "I think that next step is necessary for us to get to a yes on this."
 
"I think there's wide agreement on that," Matthew Neely said just before the 5-0 vote to enter talks with the college.
 
Williams was the sole respondent to a town-issued request for proposals to develop the former town garage site, currently a dirt lot.
 
The college's stated intent is to build a new Facilities office and create up to 170 parking spaces at 59 Water Street. That use will allow the college to redevelop the current Facilities building site and parking lot as part of a reconception of the school's indoor athletic and recreation facilities.
 
Under the terms of the RFP, the college's proposal was subjected to review by an ad hoc advisory committee to the town manager, who brought the question to the Select Board. That board will have the final say on any purchase and sales agreement.
 
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