The Kauffman Economic Outlook, a survey of economics bloggers, is out for Q2. The survey had two interesting questions on the Fed, one of which I submitted. Thanks to Tim Kane for including it in the survey. Here is the question and the results:
I am not entirely surprised by these results. Most popular accounts and thus the emerging narrative about this experience either downplay or ignore the studies that have shown the monetary policy was a major contributor. I won't rehash them here, but will note that I am editing a book that does shift the focus back to the role the Fed played in the boom and the bust. Stay tuned for more news on the book.
I was very surprised to see the responses to the second Fed question. It was submitted by Bryan Caplan and Steve Miller:
Wow. Only 16% of the economic bloggers believe the Fed has had a net negative effect while 40% think the Fed has been good on balance. This is surprising. These folks need to read the assessment of the Fed by George Selgin, William D. Lastrapes, and Larry H. White.