A Social View of the FOMC
While we all patiently await the announcement of ZIRP, check out David Merkel's "social view" of the FOMC.
Here's a quick quote:
"When I look at this data, what jumps out at me is the number of Ph. D. economists – they are 10 out of the 15 here, then three MAs in Economics and related fields, one MBA (Fisher) and one JD (Warsh). (Personally, I would want to limit the number of Neoclassical economists on the committee to five, and put in a few Austrian School economists. Monetary policy is too important to be left to a bunch of Neoclassical economists.) Beyond that, among the economists, there are many of them that have done direct work on the inter-linkages between monetary policy and financial markets (Bernanke, Kohn, Kroszner, Mishkin, Plosser, Evans, and Lacker). A number of them have written about central banking and financial markets under conditions of stress.
In addition to David's overview, be sure to check out his PDF that summarizes the current Federal Open Market
Committee.
Members of the Federal Open Market Committee
Click for PDF
Good stuff, David!
Tuesday, March 18, 2008 | 01:42 PM | Permalink
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Comments
RE: upcoming FOMC cuts and inflation
Barry, I've been with you all the way so far on inflation. However, Mish believes that we're at the end of the line with inflation, and we're tipping into deflation.
http://globaleconomicanalysis.blogspot.com/2008/03/now-presenting-deflation.html
Thoughts about this?
Also, you made the argument in the video that the cuts will do more harm than good. What about Krugman's argument that it really is helping our exports, and it's one of our few bright spots? Could killing the dollar (inflation be damned) be necessary?
http://krugman.blogs.nytimes.com/2008/03/15/good-news-on-the-dollar/
Also, when's the next Marketletter? :-)
Posted by: RNL | Mar 18, 2008 2:03:26 PM
"...and put in a few Austrian School economists."
Are you kidding me? Austrian economists believe in truly free markets. Austrian economists call for the abolishment of the Fed. There has never been a true free market Austrian economist involved with the Federal Reserve. And there never will be.
To be part of the Fed means you are a Keynesian. Period.
Posted by: Mike M | Mar 18, 2008 2:14:49 PM
"...inter-linkages between monetary policy and financial markets"
How convenient that they found a problem right where they were looking... like searching under the street light because the light is better there.
Posted by: wally | Mar 18, 2008 2:54:13 PM
David Merkel seems to be a decent man w/ a generally rigorous appetite for data. I appreciate his efforts.
Posted by: mack | Mar 18, 2008 6:54:11 PM
I started collecting silver eagles when they first came out. The price of silver is rising daily and if you are not collecting now, you will wish you had been. Only 4% of the population actually collect or invest in silver. With the falling dollar, you should be investing in metals. There are numerous reports on why you should be investing in metals and I will be posting a new hub on where to find this information. http://www.silversnowball.com/27
Posted by: chipach | Mar 19, 2008 12:57:44 PM
Austrians would be great.
"So Murray, what do you think we should do?"
"Abolish ourselves"
Posted by: mike | Mar 29, 2008 6:36:45 PM
