Macro Musings with David Beckworth cover image

Jeffrey Lacker on Governance at the Federal Reserve

Macro Musings with David Beckworth

CHAPTER

Analyzing the Effect of the Federal Reserve's Policy Framework and Forward Guidance

This chapter explores a paper that examines the impact of the Federal Reserve's adoption of the 2021 framework and forward guidance. It highlights a notable sentence suggesting the need for effective challenges to the majority view in the decision-making process, coming from mainstream economist Gotti and long-time Fed veteran Don Cohen.

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