By Yves Smith
The Roosevelt Institute hosted a conference yesterday on the future of the Federal Reserve, with the speakers including Joe Stiglitz, Jeff Madrick, Matt Yglesias, Joe Gagnon, Dennis Kelleher, Mike Konczal and Matt Stoller. Yours truly broke her Linda Evangelista rule to attend.
The discussion included the contradictions in the central bank’s various roles, its neglect of its duty to promote full employment, and its overly accommodative stance as a regulator, which has been enlarged thanks to Dodd Frank.
You can visit the Roosevelt site to view each of the three panels in full (they include the Q&As, which were very useful), the introductory remarks by Joe Stiglitz, or the presentations by each speaker separately. I encourage you to watch some of the panels, and to entice you, I’ve included videos from two talks I particularly liked below.
Thomas Palley put forward a very straightforward program for making the Fed more accountable:
Thomas Palley, Future of the Fed from Roosevelt Institute on Vimeo.
Another eye-opening presentation was Tim Canova’s discussion of how the Fed operated in World War II, which seems to be virtually expunged from official histories:
Tim Canova, Future of the Fed from Roosevelt Institute on Vimeo.