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In the News

Monetary Policy - Who should lead the US Federal Reserve?

Graham Watson

10th November 2021

Who should be the next Federal Reserve chair? A very American article - however, it opens up debate about the nature of policymaking, whether the role should be non-partisan or not and the conduct of monetary policy.

In this article, Joseph Stiglitz makes a case for replacing the current Chair, Jerome Powell, with someone more inclined to support the Biden administration, Lael Brainard.

His argument is based on wanting the Fed to be more concerned about unemployment than inflation and a need for tighter regulation of the financial sector. He may have a point - but to what extent do partisan appointees undermine transparency and credibility, and if they do, at what cost?

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