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Macro Musings with David Beckworth
Jeffrey Lacker on Governance at the Federal Reserve
Feb 12, 2024
Former president of the Federal Reserve Bank of Richmond, Jeffrey Lacker, talks about Fed governance issues including its evolving nature, increasing politicization, relationship with Congress, impact of governance practices on inflation surge, concerns about political influence and communication norms, effect of policy framework and forward guidance, integrity and active listening at the Fed, differentiation of credit operations and monetary policy, and regulatory limitations in the global dollar system.
56:46
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Quick takeaways
- The changing composition of Federal Reserve Bank presidents may contribute to a lack of alternative views and dissent within the institution.
- The decline in public dissent within the Federal Open Market Committee raises concerns about the diversity of perspectives and its impact on decision-making.
Deep dives
The evolving composition of the Federal Reserve Bank
The composition of the presidents of the Federal Reserve Bank has changed since 2009, with fewer presidents having a background in academic economics. This change may contribute to a lack of alternative views and dissent within the Federal Reserve.
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