Macro Musings with David Beckworth
Jeffrey Lacker on Fed Governance and Learning from the Recent Inflation Surge
Jun 24, 2024
Former Federal Reserve Bank of Richmond President, Jeffrey Lacker, discusses Fed governance issues and lessons from recent inflation surge on Macro Musings. Topics include Fed restructuring, stress testing, oil price shocks' impact on economy, inflation targeting challenges, and recommendations for Fed policy review.
55:42
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Quick takeaways
- Reform in Fed governance crucial for accountability and oversight.
- Clarify communication on maximum employment to enhance Fed's policy decisions.
Deep dives
Fed Governance Issues & Lessons Learned from Inflation Surge
The podcast episode delves into a discussion on the Federal Reserve's governance issues and lessons learned from the recent inflation surge. It covers Jeff Lacker's insights on the decline in diverse viewpoints at the Fed, the growing role of the Board of Governors in Fed President selection, and increasing fiscal pressures from Congress. The discussion highlights the need for reform to enhance the Fed's accountability and oversight. Additionally, it reflects on the Fed's delayed response to inflationary pressures in 2021 and suggests a review of the Fed's framework to address issues of maximum employment misinterpretation, clear communication, diversity of views, and learning from experience.
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