The Capitalism and Freedom in the Twenty-First Century Podcast

The Federal Reserve: Recent History & Monetary Policy with Former St. Louis Fed President James Bullard

Nov 25, 2024
James Bullard, former president of the St. Louis Fed and dean at Purdue University, shares insights from his extensive career in monetary policy. He highlights key transformations in the Fed’s leadership under Bernanke and the importance of diverse economic perspectives. The conversation also covers the critical role of forward guidance during the Great Recession and recent inflation challenges. Bullard emphasizes the need for credible communication in monetary policy and discusses innovative approaches in business education that blend technology with traditional learning.
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ANECDOTE

FOMC Leadership Styles

  • James Bullard served on the FOMC under Greenspan, Bernanke, Yellen, and Powell.
  • He observed different leadership styles, with Greenspan acting as the sole decider and later chairs fostering more democratic discussions.
INSIGHT

Transparency Revolution

  • Bernanke's emphasis on transparency shifted how the FOMC communicates.
  • Public and markets gain more insight into policy debates through increased member communication.
INSIGHT

Inflation Targeting Evolution

  • Explicit inflation targeting gained prominence with the ECB's formation.
  • The Fed implicitly followed suit before formally adopting a 2% target in 2012.
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