Macro Lit Review 3: Highlights from Early 2023 with George Selgin
Macro Musings with David Beckworth
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The Fed and the Treasury in Fiscal Policy
The Fed generates some public funds through seniorage, which it's supposed to hand over to the Treasury. But otherwise its fiscal role is traditionally very limited. In all of these ways, with the Treasury heavily involved in these programs, these unusual Fed programs, the extent to which Congress has retained control of the power of the purse has been limited. That seems to me going so far away from avoiding the kinds of problems or issues that the framers originally wanted to avoid that we should be very concerned about it.
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