POLITICS, INDEPENDENCE, AND LONG-TERM LOW INTEREST … · politics, independence, and long-term low...
Transcript of POLITICS, INDEPENDENCE, AND LONG-TERM LOW INTEREST … · politics, independence, and long-term low...
KNOWLEDGE FOR ACTION
POLITICS, INDEPENDENCE, AND
LONG-TERM LOW INTEREST
RATES AT THE FEDERAL
RESERVE
Peter Conti-BrownAssistant Professor
KNOWLEDGE FOR ACTION
Standard Acccount of Central Bank Independence
Legal Separation
Politicians (usually the President) Central Bankers (usually the Fed Chair)
Techn
ocratic
Skill
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Metaphors of Fed Independence
Ulysses Contract
3
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Metaphors of Fed Independence: Punch Bowl
4
The Fed is “in the position
of the chaperone who has
ordered the
punch bowl removed just
when the party was really
warming up.” William
McChesney Martin (Fed
Chair, 1955).
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Standard Acccount of Fed Independence...
Legal Separation
Politicians (usually the President) Central Bankers (usually the Fed Chair)
Techn
ocratic
Skill
…is
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The Federal Reserve Coalition
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The Federal Reserve Coalition
Peter Conti-Brown 15
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What Will Trump Do?
Peter Conti-Brown 16