tag:blogger.com,1999:blog-5713178645208582139.post7381020463874614380..comments2024-03-22T02:37:15.030-05:00Comments on Macro Musings Blog: How to Trigger a Panic Attack at the FedDavid Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-5713178645208582139.post-57559661711070432162015-12-01T10:31:31.586-06:002015-12-01T10:31:31.586-06:00Do you support the bill? (I ask because I haven...Do you support the bill? (I ask because I haven't known whether I should support it in conversations with friends, and in this case I plan to follow the lead of economists like you.) Catherine Johnsonhttps://www.blogger.com/profile/06902723049206581931noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-34559728373710330782015-11-25T14:46:15.257-06:002015-11-25T14:46:15.257-06:00Anonymous: "dragged before the FOMC after eve...Anonymous: "dragged before the FOMC after every FOMC meeting"? Now who's exaggerating? According to the proposed law as David describes it, the FOMC has no reason to fear having to account for itself before Congress unless it clearly failed to conform to its own self-assigned rule, or unless it wished to justify changing the rule. To suggest that even this much accountability is George Selginhttp://www.cato.org/people/george-selginnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-9392721968842850552015-11-25T13:02:56.763-06:002015-11-25T13:02:56.763-06:00Maybe they're not looking forward to getting d...Maybe they're not looking forward to getting dragged before congress after every FOMC meeting so that politicians can get on their soapboxes on CSPAN. In what world have you been living for the last 10 years if you think giving politicians more opportunities to shout at Yellen will improve monetary policy? A person need not be enamored of Fed policymakers to think that the status quo is much Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-47706022673440476392015-11-25T12:40:33.713-06:002015-11-25T12:40:33.713-06:00Anonymous, ever heard of satire? Relax.
And yes, ...Anonymous, ever heard of satire? Relax.<br /><br />And yes, I realize Fed officials lost sleep during the crisis. What they didn't do during that time is go all postal in public like they are now over the FORM Act. That is the difference. David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-90846123348500092962015-11-25T12:02:47.717-06:002015-11-25T12:02:47.717-06:00Actually many Fed employees lost a lot of sleep du...Actually many Fed employees lost a lot of sleep during the financial crisis. People were sleeping in their offices and going days and sometimes weeks without seeing their kids. And Fed staff and leadership have devoted serious time and effort to the questions around the recession, the balance sheet, and the way forward. Go read Bernanke's memoir. The premise of your post is stupid and Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-6711653621880536632015-11-19T09:01:13.162-06:002015-11-19T09:01:13.162-06:00Yes, but it is really a non-binding rule so we are...Yes, but it is really a non-binding rule so we are talking about just a little bit more accountability. It is amazing they would get so worked up over it.David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-34914162043835014332015-11-18T18:27:12.238-06:002015-11-18T18:27:12.238-06:00Great post...yet a truth comes out. The rules can ...Great post...yet a truth comes out. The rules can be set so they are relatively stimulative or restrictive. <br />Also the targets should define policy, not rules.Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-36413073875478721782015-11-18T17:18:01.019-06:002015-11-18T17:18:01.019-06:00The FOMC prefer the protection of those long and v...The FOMC prefer the protection of those long and variable lags. Anything that they target that doesn't come about can be blamed on external events popping up in the intervening, and very conveniently long and variable, period after they set a course.James Alexanderhttps://www.blogger.com/profile/12052486292054993368noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-45808413384548432072015-11-18T13:29:31.642-06:002015-11-18T13:29:31.642-06:00David, easy to understand the freakout: The Fed wo...David, easy to understand the freakout: The Fed would be held responsible. They don´t even take responsibilty for good outcomes (Greenspan Memoirs Chat 20), let alone bad outcomes (Bernanke´s Memoirs, Arthur Burns, John Williams in 1937) João Marcushttps://www.blogger.com/profile/13658264244033012660noreply@blogger.com