Trump's potential changes to U.S. monetary policy include restructuring the Federal Reserve. Proposed changes involve shorter terms for governors, allowing the president to fire them, and giving greater power to reserve bank presidents. Miran and Katz also suggest changing how bank presidents are selected and subjecting the Fed's budget to Congressional control. These changes imply less centralized power for the Fed and emphasizing the importance of healthy debate and dissent in the policy-making process.
You need healthy disagreement,” Miran said on the Macro Musings podcast last year, discussing the paper. “You need healthy arguments. ... You don't get that with block voting and lack of dissents.
[W]e want to introduce a system in which there is a lot more dissent, in which there is a lot more debate, open debate, about what policy should be.
Collection
[
|
...
]