Partisan Trust in the Federal Reserve
.avif)
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.
Continue Reading
This paper was originally published as part of the National Bureau of Economic Research working paper series.
Economic Dynamism
The Price of Stagnation: Britain’s Retreat from Dynamism
We face a basic issue: we do not let cities or communities grow or die.
.jpg)
London and the Architecture of Creative Growth
Preserving London's creative dynamism will require humility from policymakers and a commitment to keeping the city liveable.
.jpg)
.jpg)
Edmund Phelps and the Culture of Dynamism
His research led him to a new theory of what he called “indigenous innovation,” whereby economic progress and growth are fueled not by inventions in labs, but by widespread grassroots tinkering and experimentation in the day-to-day economy.
The Contested Legacy of Keynes’ 'General Theory'
Nearly a century after the publication of 'The General Theory,' debates over Keynes’ legacy continue to influence modern economic debate.
