LONG-TERM LOW INTEREST RATES AT THE FEDERAL RESERVE Peter - PowerPoint PPT Presentation

POLITICS, INDEPENDENCE, AND LONG-TERM LOW INTEREST RATES AT THE FEDERAL RESERVE Peter Conti-Brown Assistant Professor KNOWLEDGE FOR ACTION

Standard Acccount of Central Bank Independence Legal Separation Central Bankers (usually the Fed Chair) Politicians (usually the President) Skill Technocratic KNOWLEDGE FOR ACTION

Metaphors of Fed Independence Ulysses Contract 3 KNOWLEDGE FOR ACTION

Metaphors of Fed Independence: Punch Bowl 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). 4 KNOWLEDGE FOR ACTION

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Standard Acccount of Fed Independence... Legal Separation Central Bankers (usually the Fed Chair) Politicians (usually the President) …is Skill Technocratic KNOWLEDGE FOR ACTION

KNOWLEDGE FOR ACTION Peter Conti-Brown 9

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The Federal Reserve Coalition KNOWLEDGE FOR ACTION Peter Conti-Brown 14

The Federal Reserve Coalition KNOWLEDGE FOR ACTION Peter Conti-Brown 15

What Will Trump Do? KNOWLEDGE FOR ACTION Peter Conti-Brown 16