Dan Katz and Stephen Miran are former senior advisors for the US Treasury Department and are currently adjunct fellows at the Manhattan Institute. Dan and Stephen have also written a new paper titled, *Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes,* and they join Macro Musings to talk about this paper and the proposed reforms for the Federal Reserve outlined in it. Specifically, Dan, Steve, and David discuss the ever-expanding reach of the Fed, its role as debt manager and bank regulator, the current issue with the central bank’s personnel, and a lot more.
Transcript for this week’s episode.
Stephen’s Twitter: @SteveMiran
Stephen’s Manhattan Institute profile
Dan’s Twitter: @DanielScottKatz
Dan’s Manhattan Institute profile
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*Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes* by Dan Katz and Stephen Miran
Timestamps:
(00:00:00) – Intro
(00:04:20) – The Fed’s Issue of Picking Winners and Losers
(00:09:17) – The Fed’s Role as Bank Regulator
(00:12:53) – The Ever-Expanding Reach of the Fed
(00:17:50) – The Fed as a Debt Manager
(00:23:33) – What Should the Fed Do in a Zero Lower Bound Environment
(00:27:26) – Personnel is Policy: The Issue with Fed Personnel
(00:29:55) – Options for Personnel Reform at the Fed
(00:38:22) – Making the Fed President Selection Process More Robust
(00:47:28) – The Nature of Debate at the Fed
(00:50:53) – The Scope for Change at the Fed
(00:53:21) – Outro
