The videos from the panels at the Roosevelt Institute’s Future of the Federal Reserve Event are now online. There’s a video for introductory remarks by Joe Stiglitz and then videos for the full-length panels as well as videos broken down by speakers.
I hope you check it out. I moderated the first panel on what the Fed needs to do now with unemployment, monetary policy and financial reform. Matt Yglesias made the point that this is a political problem, both because the macroeconomy determines political success and well as as a problem for liberal governance as well as liberal infrastructure.
Joe Gagnon, who executed QEI for the Federal Reserve and wrote the paper that outlined a $2 trillion dollar purchase for QEII in December 2009 (which the Fed did a quarter of a year later when it actually executed QEII, a delay that Gagnon said cost the United States 1 million jobs) talked about his time at the Fed and argued for extending and expanding QEII through the end of the year.
The second panel was about the Federal Reserve throughout history. Moderated by Matt Stoller, the idea was to show that the Fed is a political creation that reacts and evolves to different economic realities, and will continue to evolve again in the future. It is both appropriate and necessary for liberals to create their own visions for the Fed.
Perry Mehrling started the panel by discussing the creation of the Federal Reserve, bringing arguments from his book The New Lombard Street to the audience. He notes that the political economy concerns at the creation – the fear of a big government and of big finance – are still very relevant today.
Tim Canova discussed the Federal Reserve in the 1940s under the strong proto-liberal Marriner Eccles, in an argument that expands on what he wrote for The American Prospect in The Federal Reserve we need.
The third panel, moderated by Rob Johnson, featured visions of the types of monetary policy, financial reform, governance, economic philosophy and priorities that are necessary for the Federal Reserve to focus on post-crash. Jane D’Arista outlined how capital and credit needs to be a focus of the Federal Reserve:
There are many more speakers for each panel at the website. Hope you check it out and leave a comment on what you think.