The Fed Can’t Manage Inflation Without Knowing Why It Happens

Someone pointed to an interesting 2017 paper written for the Hutchins Center on Fiscal & Monetary Policy at the Brookings Institution by Daniel Tarullo, former Federal Reserve Board governor and a professor of international financial regulatory practice at Harvard Law School.

Although not an expert in macroeconomics, during his time at the Fed, he learned a lot, with tutelage from then-Chair Ben Bernanke on Saturday mornings. Tarullo noted two issues he observed about how professionals at the Fed, and by extension many economists, work.