Preview Mode Links will not work in preview mode

Hosted by David Beckworth of the Mercatus Center, Macro Musings is a podcast which pulls back the curtain on the important macroeconomic issues of the past, present, and future.

May 6, 2024

Dan Katz and Stephen Miran are former senior advisors for the US Treasury Department and are currently adjunct fellows at the Manhattan Institute. Dan and Stephen have also written a new paper titled, *Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes,* and they join Macro Musings to talk about this paper and the proposed reforms for the Federal Reserve outlined in it. Specifically, Dan, Steve, and David discuss the ever-expanding reach of the Fed, its role as debt manager and bank regulator, the current issue with the central bank’s personnel, and a lot more.


Transcript for this week’s episode.


Stephen’s Twitter: @SteveMiran

Stephen’s Manhattan Institute profile


Dan’s Twitter: @DanielScottKatz

Dan’s Manhattan Institute profile


David Beckworth’s Twitter: @DavidBeckworth

Follow us on Twitter: @Macro_Musings


Check out our new AI chatbot: the Macro Musebot!

Join the new Macro Musings Discord server!


Join the Macro Musings mailing list!

Check out our Macro Musings merch!


Related Links:


*Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes* by Dan Katz and Stephen Miran




(00:00:00) – Intro


(00:04:20) – The Fed’s Issue of Picking Winners and Losers


(00:09:17) – The Fed’s Role as Bank Regulator


(00:12:53) – The Ever-Expanding Reach of the Fed


(00:17:50) – The Fed as a Debt Manager


(00:23:33) – What Should the Fed Do in a Zero Lower Bound Environment


(00:27:26) – Personnel is Policy: The Issue with Fed Personnel


(00:29:55) – Options for Personnel Reform at the Fed


(00:38:22) – Making the Fed President Selection Process More Robust


(00:47:28) – The Nature of Debate at the Fed


(00:50:53) – The Scope for Change at the Fed


(00:53:21) – Outro