There is increasing pressure on central banks to take climate change into account in formulating monetary policy. The Bank of England and the European Central Bank have already done so, and the Fed may follow suit. Indeed, the Fed’s move into credit allocation and fiscal policy, as…
In view of the Fed's failure to achieve two percent inflation for much of the post-2007 period, the suggestion that it will find it easier to hit a higher target may well strike many as perverse—as if someone suggested that a pole vaulter unable to manage a…
In his first speech as a member of the Federal Reserve’s Board of Governors, Christopher Waller defended Fed independence and reassured his audience that “deficit financing and debt servicing issues play no role in our policy decisions and never will.” His goal was to dispel the “narrative”…
This is the third and final essay in my series on proposals to help reduce the number of unbanked households in America. In my prior essays, I examined the history of the postal savings system between 1910 and 1966, and I evaluated present-day calls to allow the…
The unanimous decision of the Federal Open Market Committee (FOMC) to shift from inflation targeting to average inflation targeting is another step away from its mandate to achieve long-run price stability. Section 2A of the Federal Reserve Act does not say the Fed’s long-run objective should be…