A Primer on The Federal Reserve's Independence
President Donald Trump has been loudly critical of Federal Reserve Chair Jerome Powell for years now. Since January, the President has accused him of playing politics by keeping interest rates high. Trump has also threatened to oust Powell — which would mark an extraordinary shift away from the independence of the central bank.
Today on the show, three Indicators: a short history of the Federal Reserve and why it's insulated from day-to-day politics; how the Fed amassed a ton of power in recent years; and a Trump executive order that took some of that power away.
Economic Dynamism
The Causal Effect of News on Inflation Expectations
This paper studies the response of household inflation expectations to television news coverage of inflation.
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The Rise of Inflation Targeting
This paper discusses the interactions between politics and economic ideas leading to the adoption of inflation targeting in the United States.
Ignore 'Open Letters' From Economists
Don’t be swayed by “open” letters signed by well-known and well-respected scholars, experts, professors, and businessmen.
Demystifying the New Deal
Carola Binder reviews False Dawn: The New Deal and the Promise of Recovery, 1933–1947 by George Selgin
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Law Can’t Answer Every Question Posed by AI
By rediscovering confidence in constitutional design and civil society institutions, America can maintain its position as the world's leading technological innovator.
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