Partisan Trust in the Federal Reserve
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This paper examines partisanship in public perceptions of the Federal Reserve.
Abstract
In all years from 2001 through 2023, trust in the Federal Reserve was highest for respondents of the same party as the President. The partisan effects were larger than other demographic differences in trust, but do not explain the large partisan gap in inflation expectations in those years. We conducted a new survey-based information experiment before and after the Presidential inauguration in 2025, and found a changed pattern: Republicans continued to have lower trust in the Fed than did Democrats, even after a Republican President was elected and took office. Yet, Republicans had much lower inflation expectations than Democrats. Responses to open-ended survey questions point to tariffs and President Trump himself as most salient to consumers when considering how inflation will evolve.
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This paper was originally published as part of the National Bureau of Economic Research working paper series.
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.
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The Revenge of the Supply-Siders
Trump would do well to heed his supply-side advisers again and avoid the populist Keynesian shortcuts of stimulus checks or easy money.
U.S. Can’t Cave to Europe’s Anti-Growth Agenda
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