Carola Binder on Political Pressure and the Twin Deficits of Central Banking

Carola Binder is an assistant professor of economics at Haverford College and is an associate editor of the Journal of Money, Credit, and Central Banking. Carola is also a member of the CEPR Research and Policy Network on Central Bank Communication, and joins the show today to discuss her work on central banking and populism. David and Carola also discuss the link between central bank credibility and popularity, the twin deficits of central banking, and why NGDP targeting could be an easy transition point from current inflation targeting regimes.   Transcript for the episode: https://www.mercatus.org/bridge/podcasts/11252019/carola-binder-political-pressure-and-twin-deficits-central-banking   Carola’s Twitter: @cconces Carola’s blog: https://carolabinder.blogspot.com/   Related Links:   *Political Pressure on Central Banks* by Carola Binder https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3244148   *Whose Expectations Augment the Phillips Curve?* by Carola Binder https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2789750   *Federal Reserve Communication and the Media* by Carola Binder https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2835574   *Comment on “Central Bank Accouncements: Big News for Little People” by Michael Lalma and Dmitri Vinogradov* by Carola Binder https://www.sciencedirect.com/science/article/abs/pii/S0304393219301461   *We Asked Fed Watchers to Rate the Fed’s Communications – Here’s What We Found* by Peter Olson and David Wessel https://www.brookings.edu/research/we-asked-fed-watchers-to-rate-the-feds-communications/   *The Optimal Degree of Commitment to an Intermediate Monetary Target* by Kenneth Rogoff https://scholar.harvard.edu/files/rogoff/files/51_qje85.pdf   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth