The transformation of economic analysis at the Federal Reserve during the 1960s

This increase in the number of economists seem to coincide with the great inflation of the 60s and 70s and 1970s stagflation and a denial that inflation was a monetary problem

Mostly Economics

This is a superb paper by Beatrice Cherrier and Juan Acosta. In history of central banking, we barely look at role and evolution of economic research at the central bank. Did it influence policies and if yes in what way and if no why? Who were the key people in this economic research team and so on. Most of these people are also unsung but do quite a lot of work in the central bank.

This paper looks at eco research at Federal Reserve:

In this paper, we build on data on Fed officials, oral history repositories and hitherto under-researched archival sources to unpack the torturous path toward crafting an institutional and intellectual space for postwar economic analysis within the Fed. We show that growing attention to new macroeconomic research was a reaction to both mounting external criticisms against the Fed’s decision-making process and a process internal to the discipline whereby…

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About Jim Rose

Utopia - you are standing in it promotes a classical liberal view of the world and champion the mass flourishing of humanity through capitalism and the rule of law. The origin of the blog is explained in the first blog post at https://utopiayouarestandinginit.wordpress.com/2014/03/12/why-call-my-blog-utopia-you-are-standing-in-it/

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