Dan Katz and Stephen Miran are former senior advisors for the US Treasury Department and are currently adjunct fellows at the Manhattan Institute. Dan and Stephen have also written a new paper titled, *Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes,* and they join Macro Musings to talk about this paper and the proposed reforms for the Federal Reserve outlined in it. Specifically, Dan, Steve, and David discuss the ever-expanding reach of the Fed, its role as debt manager and bank regulator, the current issue with the central bank’s personnel, and a lot more.

 

Transcript for this week’s episode.

 

Stephen’s Twitter: @SteveMiran

Stephen’s Manhattan Institute profile

 

Dan’s Twitter: @DanielScottKatz

Dan’s Manhattan Institute profile

 

David Beckworth’s Twitter: @DavidBeckworth

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*Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes* by Dan Katz and Stephen Miran

 

Timestamps:

 

(00:00:00) – Intro

 

(00:04:20) – The Fed’s Issue of Picking Winners and Losers

 

(00:09:17) – The Fed’s Role as Bank Regulator

 

(00:12:53) – The Ever-Expanding Reach of the Fed

 

(00:17:50) – The Fed as a Debt Manager

 

(00:23:33) – What Should the Fed Do in a Zero Lower Bound Environment

 

(00:27:26) – Personnel is Policy: The Issue with Fed Personnel

 

(00:29:55) – Options for Personnel Reform at the Fed

 

(00:38:22) – Making the Fed President Selection Process More Robust

 

(00:47:28) – The Nature of Debate at the Fed

 

(00:50:53) – The Scope for Change at the Fed

 

(00:53:21) – Outro