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Jeffrey Lacker on Fed Governance and Learning from the Recent Inflation Surge
Jeffrey Lacker is a senior affiliated scholar at the Mercatus Center, but has also previously worked at the Federal Reserve Bank of Richmond from 1989 to 2017, serving as its president from 2004 to 2017. Jeff is also a returning guest to podcast, and he rejoins Macro Musings to talk about Fed governance issues and the lessons learned from the recent inflation surge. Specifically, David and Jeffrey also discuss the issue of maximum employment, how the Fed could reform its governance structure, what the central bank should address during the next framework review, and more.
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Transcript for this week\u2019s episode.
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Jeffrey\u2019s Mercatus\xa0profile
Jeffrey\u2019s\xa0website
Jeffrey\u2019s Richmond Fed\xa0archive
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David Beckworth\u2019s Twitter:\xa0@DavidBeckworth
Follow us on Twitter:\xa0@Macro_Musings
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Join the new Macro Musings\xa0Discord server!
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Related Links:
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*Governance and Diversity at the Federal Reserve* by Jeffrey Lacker
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*What Lessons Should the Federal Reserve Learn from the Recent Inflation Surge?* Presentation by Jeffrey Lacker at the 2024 UC San Diego Economics Roundtable Lecture Series
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*Central Bank Undersight: Assessing the Fed\u2019s Accountability to Congress* by Andrew Levin and Christina Parajon Skinner
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*Reform the Federal Reserve\u2019s Governance to Deliver Better Monetary Outcomes* by Dan Katz and Stephen Miran
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*Don\u2019t Audit the Fed, Restructure It* by Michael Belongia and Peter Ireland
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*Restoring the Promise of Federal Reserve Governance* by Peter Conti-Brown
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*Jim Hamilton on Econometrics, Energy Markets, and Low Interest Rates* by Macro Musings
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Timestamps:
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(00:00:00) \u2013 Intro
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(00:04:35) \u2013 Jeffrey\u2019s View on \u201cMonetary Federalism\u201d
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(00:10:01) \u2013 Reducing the Number of Regional Fed Banks
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(00:13:11) \u2013 Addressing Peter Conti-Brown\u2019s Proposals for Fed Governance Reform
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(00:18:23) \u2013 Addressing Andy Levin and Christina Skinner\u2019s Proposals for Fed Governance Reform
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(00:23:07) \u2013 Altering the Fed\u2019s Responsibilities as a Bank Regulator
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(00:29:21) \u2013 What Lessons Should the Federal Reserve Learn from the Recent Inflation Surge?
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(00:36:14) \u2013 The Issue of Maximum Employment
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(00:46:38) \u2013 Evaluating the Fed\u2019s Response to the Recent Inflation Episode
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(00:50:45) \u2013 What Should the Fed Be Addressing During the Next Framework Review?
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(00:55:01) \u2013 Outro