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Company35 mentions across episodes
Federal Reserve
I wanted to go back to something Joe brought up, which is the sort of, I guess, crosscurrent of monetary versus fiscal policy. And I get that, you know, monetary is always existing alongside fiscal policy, which may change in various directions. But
41:11 / 42:21
from transcript41:11 – 42:21
even if they raise rates Right. Is that gonna be enough to stamp it out? Because as we've seen and we've asked a number of central bankers this question at this point, but financial conditions are still Right. Really, really Exactly. Exactly. No. I t
29:14 / 30:20
from transcript29:14 – 30:20
So I don't think it's different in character, but it is different in magnitude. And so, look, we take all nonmonetary policy as given. Right? And then, you know, I just respond in thinking about where we need to go based on where that part of policy
41:57 / 43:07
from transcript41:57 – 43:07
that monetary policy has pretty delayed effects. So another concern and as I said, you know, in this episode, professional forecasters and the Fed both thought that the inflation would be more transitory than it actually was. But another concern is i
23:46 / 25:00
from transcript23:46 – 25:00
The other side of it is think about the distinction between fiscal policy and monetary policy. So having independent central banks is very common. Having independent fiscal authorities is not. And the usual justification there is that fiscal policy h
8:13 / 9:26
from transcript8:13 – 9:26
What is it about central bank independence that is perceived by economists to be such a such a goal, so to speak? So the way I see it is two main parts. One is that there is a natural inflationary bias in monetary policy. So meaning, if you had monet
7:25 / 8:30
from transcript7:25 – 8:30
when you can't do anything with, you know, fed funds rate. And so it's all about forward guidance. But, actually, forward guidance is a much, much more general phenomenon. It's really whenever the central bank is calling its shots about what it's gon
24:38 / 25:48
from transcript24:38 – 25:48
...at the federal reserve banks. It is a straight exercise of regulatory power just like when the SEC writes a rule for what type of disclosure a company has to do if it's a publicly traded company. And they just don't seem to realize this. They think t
23:07 / 24:04
from transcript23:07 – 24:04
or shortages in the system. What does that actually mean for central bank policy if perhaps the neutral rate of interest is going up because of these supply shocks, because you need more investment? But at the same time, the central bank raising rate
30:00 / 31:05
from transcript30:00 – 31:05
...Federal Reserve is doing when it conducts monetary policy is changing the incentives and constraints on the collective balance sheet of the banking system to expand and contract. And the main way we adjust those constraints is through the overnight i
30:00 / 31:05
from transcript30:00 – 31:05
So central banks of the future will perhaps have to keep interest rates higher anyway just to kind of prevent those shocks from feeding through to inflation expectations and therefore keeping inflation away from targets. The it's because supply shock
30:44 / 31:48
from transcript30:44 – 31:48
it directly affects the amount of bank deposits and bank lending. The second is there are repercussions through the yield curve that if you move the short end of the yield curve, it decreases the further out the yield curve and duration you go, but t
29:59 / 31:02
from transcript29:59 – 31:02
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