Found 46 article(s) for author 'Federal Reserve'

Why does Jerome Powell have a haunted look?

Why does Jerome Powell have a haunted look? Carmen Reinhart, September 23, 2019, Opinion, “Once a year, the leadership of both the European Central Bank (ECB) and the United States Federal Reserve (Fed) go to the mountains for policy enlightenment. The ECB conducts a forum every June in Sintra, a town in the foothills of the eponymous Portuguese mountain range.  And the Fed convenes in late August in Jackson Hole, Wyoming, for the Kansas City branch’s economic symposium. In retrospect, this year’s….Link

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Jerome Powell’s Dilemma

Jerome Powell’s Dilemma. Carmen Reinhart, September 18, 2019, Opinion, “There is a reason that the US Federal Reserve chair often has a haunted look. Probably to his deep and never-to-be-expressed frustration, the Fed is setting monetary policy in a way that increases the likelihood that President Donald Trump will be reelected next year.Link

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Larry Summers Says Central Bankers Confront a ‘Black Hole’ for Policy

Larry Summers Says Central Bankers Confront a ‘Black Hole’ for Policy. Lawrence Summers, August 22, 2019, Video, “Harvard University economist Lawrence Summers warned central bankers that they are staring at “black hole monetary economics” where small changes in interest rates and even more aggressive strategies do little to solve demand shortfalls.Link

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Is Politics Getting to the Fed?

Is Politics Getting to the Fed? Robert Barro, July 23, 2019, Opinion, “In the early 1980s, the chairman of the US Federal Reserve, Paul Volcker, was able to choke off runaway inflation because he was afforded the autonomy necessary to implement steep interest-rate hikes. Today, the Fed is clearly under unprecedented political pressure, and it is starting to show.Link

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It’s tempting for the Fed to move slowly. That would be a grave error.

It’s tempting for the Fed to move slowly. That would be a grave error. Lawrence Summers, June 4, 2019, Opinion, “The Federal Reserve will over the next several months make monetary policy decisions that are as consequential as any it has made since the financial crisis and Great Recession of 2007-2008. The temptation in a highly uncertain and politicized environment will be to move cautiously. Yet this would be a grave error in the current context, where a recession could be catastrophic and the odds of one beginning in the next year, while still less than 50-50, now appear significant and increasing.Link

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The Federal Reserve’s Current Framework for Monetary Policy:  A Review and Assessment 

The Federal Reserve’s Current Framework for Monetary Policy: A Review and Assessment. James Stock, May 24, 2019, Paper, “The Humphrey-Hawkins Act of 1978 instructs the Federal Reserve Board to “promote effectively the goals of maximum employment, stable prices, and moderate long‐term interest rates.” The methods by which this dual mandate of maximum employment and price stability is to be accomplished are left to the Fed. Those methods have evolved over time as the Fed and economists learned more about the theory and practice of monetary policy (Fuhrer et. al. (2018)).Link

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Let’s Keep the Federal Reserve Great

Let’s Keep the Federal Reserve Great. N. Gregory Mankiw, April 14, 2019, Opinion, “I have a confession to make: I love the Federal Reserve. And I suspect that, in their heart of hearts, most other economists love the Federal Reserve, too. But I fear our love may be in peril. We live in a time when many public institutions seem to be failing us. The White House is in constant turmoil, with extraordinarily high turnover among top staff members. Congress is as polarized as ever, not having done much over the past two years other than pass the mess of the 2017 tax bill. Even the Supreme Court appears less dispassionate and more partisan than it should be.Link

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