Director, Hutchins Center on Fiscal & Monetary Policy, Brookings institution. Contributing correspondent, The Wall Street Journal

The Fed in the 21st century: Independence, governance, and accountability

brookings.edu — The Federal Reserve is an unusual institution of the American democracy: Congress has given the Fed the power to set interest rates and manage credit because it believes an independent central bank will do a better job at that than elected politicians.

Q&A: Explaining 'Audit the Fed'

brookings.edu — The debate over Sen. Rand Paul's campaign to "Audit the Fed" is marred by falsehoods, misunderstandings and politically motivated name-calling. The Federal Reserve, though it has enormous power over the U.S. economy, is designed to be independent of Congress and the president.

Q&A: Explaining 'Audit the Fed'

brookings.edu — The debate over Sen. Rand Paul's campaign to "Audit the Fed" is marred by falsehoods, misunderstandings and politically motivated name-calling. The Federal Reserve, though it has enormous power over the U.S. economy, is designed to be independent of Congress and the president.

Q&A: Explaining ‘Audit the Fed’

blogs.wsj.com — The debate over Sen. Rand Paul's campaign to "Audit the Fed" is marred by falsehoods, misunderstandings and politically motivated name-calling. The Federal Reserve, though it has enormous power over the U.S. economy, is designed to be independent of Congress and the president.

What's Behind the Fed's Credibility Gap on Interest Rates?

brookings.edu — The markets don't appear to believe the Fed. There is a significant difference between the interest-rate path that Federal Reserve officials sketched in December, the last time they made public projections, and the rates implied by trading in futures markets.

What’s Behind the Fed’s Credibility Gap on Interest Rates

blogs.wsj.com — The markets don't appear to believe the Fed. There is a significant difference between the interest-rate path that Federal Reserve officials sketched in December, the last time they made public projections, and the rates implied by trading in futures markets.

Don Kohn: Why The Fed Remains “Patient”

brookings.edu — The U.S. unemployment has fallen and the U.S. economy appears to be on track to grow faster than its potential growth rate of around 2%. So why isn't the Federal Reserve moving more quickly to raise short-term interest rates, which have been at zero since late 2008?

The ECB’s Stimulus Buys Time. Will Europe Take Advantage of It?

brookings.edu — While moderating a panel at the International Monetary Fund in October 2013, I asked each panelist what question about the Federal Reserve's aggressive policies on quantitative easing we would be able to answer only a decade or so in the future.

How College Has Become a Riskier Investment

brookings.edu — But ... As with any investment, investing in a four-year college degree is risky. And many of the available estimates rely on best-case scenarios, assuming, for instance, that an entering student actually earns a degree.

How College Has Become a Riskier Investment

blogs.wsj.com — A four-year college degree, we're told repeatedly, is "a good investment." After all, college grads earn about 50% more money than high school grads and are less likely to be unemployed. "[T]he return to college remains high on average, regardless of one's college major," New York Federal Reserve Bank economists say.
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