The Road Ahead for the Fed (Hoover Press, 2009) is being featured on Bloomberg on the Economy this week. Four of the contributors are being interviewed by host Tom Keene Monday through Thursday at 3 pm PT(6 pm ET).
On Monday, August 17, Allan Meltzer, an economist at Carnegie Mellon University, talked with Bloomberg’s Keene about U.S. fiscal policy, the Federal Reserve's monetary policy, market regulation at www.bloomberg.com/tvradio/podcast/ontheeconomy.html.
Today, Keene is interviewing Myron S. Scholes, Nobel laureate and chairman of Platinum Grove Asset Management. James D. Hamilton, professor of economics at the University of California at San Diego, will be interviewed on Wednesday, August 19; John B. Taylor, the Bowen H. and Janice Arthur McCoy Senior Fellow at the Hoover Institution, will be interviewed on Thursday, August 20.
The Fed’s recent unprecedented actions—including new lending facilities for investment banks, purchases of mortgage-backed securities, and interventions into Bear Stearns and AIG—have exploded the Fed’s balance sheet, raised concerns about inflation, and provoked questions about the Fed’s independence and effectiveness.
At the same time the administration is calling for the Fed to take on new regulatory and supervisory responsibilities. Some in Congress are wary of giving the Fed more power. Policy makers at the Fed are themselves debating what to do next. Where will those developments lead, and how can the Fed best proceed going forward?
In The Road Ahead for the Fed coeditors John B. Taylor and John D. Ciorciari brought together twelve leading experts to examine and debate proposals for financial reform and exit strategies from the financial crisis. In each chapter of the book, the authors put forward their own useful and frequently provocative views and respond to the views of others.