Macro Musings with David Beckworth Charlie Evans on the Past, Present, and Future of U.S. Monetary Policy
Dec 11, 2023
Charles Evans, former president and CEO of the Chicago Fed, discusses his work on US monetary policy. Topics include the creation of the Evans rule, the current path of R-Star, and the future of the Fed's framework. They also explore the importance of the explicit 2% inflation target and propose nominal GDP targeting as a solution for supply-side driven inflation.
Chapters
Transcript
Episode notes
1 2 3 4 5 6 7
Introduction
00:00 • 2min
Career at the Fed, Research on Monetary Policy Shocks, and Importance of Time Series Analysis
02:21 • 5min
Coalescing of the Federal Funds Rate and the Emergence of the Taylor Rule
07:37 • 3min
The History of Monetary Policy and the Role of a Federal Reserve Bank President
10:56 • 4min
The Deliberation and Discussions on Monetary Policy
15:10 • 28min
The Implications of the Explicit 2% Inflation Target
42:50 • 16min
Messaging, Makeup Policy, and Nominal GDP Targeting in Monetary Policy
58:35 • 4min