Conversations with Tyler Austan Goolsbee on Central Banking as a Data Dog
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Jun 25, 2025 
Austan Goolsbee, President of the Federal Reserve Bank of Chicago and former chair of the Council of Economic Advisers, dives deep into the complexities of central banking. He discusses why he is skeptical of monetary policy rules and analyzes the nuances of post-pandemic inflation. Goolsbee also tackles the rise of stablecoins, their regulatory challenges, and the impact of AI on banking supervision. With humor and expertise, he shares insights on housing market dynamics and even offers tips on effective debating—proving that economics can be both profound and entertaining!
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Fed President as Data Dog
- Austan Goolsbee emphasizes the importance of being a "data dog" rather than a "hawk" or "dove" in monetary policy.
- Embracing discipline, skepticism, and causality thinking from academic economics helps guide Fed policymaking.
Rethinking Money and Inflation
- The old relationship between money supply and inflation is unreliable due to financial innovation.
- A supply versus demand shock framework is crucial for accurate macroeconomic analysis, especially in unusual times.
Supply Shocks and Inflation Puzzle
- Post-pandemic inflation puzzles demand-side explanations due to high inflation despite slack in labor and output.
- Supply shocks and their timing better explain the pattern of inflation's rise and fall in 2023.