- Answering Challenges to Advanced Economies
Mary Daly joins Steven Davis to discuss how the Fed communicates with the public about monetary policy. How precise should the Fed be about its actions and goals? How transparent about its reasoning and internal deliberations? How should the Fed weigh the need for flexibility in responding to unforeseen shocks against the desire for clarity and guidance? How can the Fed improve its communications? Mary and Steve also discuss the market’s reaction to Jerome Powell’s speech at the Jackson Hole Monetary Policy Symposium.
ABOUT THE SPEAKERS
Mary C. Daly is President and CEO of the Federal Reserve Bank of San Francisco and sits on the Federal Open Market Committee (FOMC), which sets U.S. monetary policy. Previously, she was executive vice president and director of research at the San Francisco Fed, which she joined in 1996. She has advised the Congressional Budget Office, the Library of Congress, and the Social Security Administration. Her research focuses on employment and wage trends, growth, and economic shocks. She holds a Ph.D. in economics from Syracuse University, an M.S. from the University of Illinois at Urbana-Champaign, and a B.A. from the University of Missouri-Kansas City.
Mary Daly also hosts Zip Code Economies, a podcast sponsored by the Federal Reserve Bank of San Francisco.
Steven Davis is the Thomas W. and Susan B. Ford Senior Fellow and Director of Research at the Hoover Institution and Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR). He is a research associate of the NBER, IZA research fellow, elected fellow of the Society of Labor Economists, and a consultant to the Federal Reserve Bank of Atlanta. He co-founded the Economic Policy Uncertainty project, the U.S. Survey of Working Arrangements and Attitudes, the Global Survey of Working Arrangements, the Survey of Business Uncertainty, and the Stock Market Jumps project. He also co-organizes the Asian Monetary Policy Forum, held annually in Singapore. Before joining Hoover, Davis was on the faculty at the University of Chicago Booth School of Business, serving as both distinguished service professor and deputy dean of the faculty.
RELATED SOURCES
- “Dynamic Central Bank Communication,” a speech by Mary Daly at the Western Economic Association International Annual Conference, San Francisco, 22 June 2025.
- “Monetary Policy and the Fed’s Framework Review,” a speech by Jerome Powell at the Jackson Hole Monetary Policy Forum, 22 August 2025.
ABOUT THE SERIES
Each episode of Economics, Applied, a video podcast series, features senior fellow Steven Davis in conversation with leaders and researchers about economic developments and their ramifications. The goal is to bring evidence and economic reasoning to the table, drawing lessons for individuals, organizations, and society. The podcast also aims to showcase the value of individual initiative, markets, the rule of law, and sound policy in fostering prosperity and security.
For more information, visit hoover.org/podcasts/economics-applied.
