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Thomas Drechsel on the Effects of Political Pressure and Identifying Monetary Policy Shocks
Manage episode 442771537 series 3563504
コンテンツは David Beckworth and Mercatus Center at George Mason University によって提供されます。エピソード、グラフィック、ポッドキャストの説明を含むすべてのポッドキャスト コンテンツは、David Beckworth and Mercatus Center at George Mason University またはそのポッドキャスト プラットフォーム パートナーによって直接アップロードされ、提供されます。誰かがあなたの著作物をあなたの許可なく使用していると思われる場合は、ここで概説されているプロセスに従うことができますhttps://ja.player.fm/legal。
Thomas Drechsel is an assistant professor of economics at the University of Maryland. He joins David on Macro Musings to talk about the political pressure on the Fed and the new ways to measure monetary policy shocks. Thomas and David also discuss fiscal and monetary dominance, the impact of political pressure on inflation, why we should care about central bank independence, and more.
Transcript for this week’s episode.
Thomas’s website
Thomas’s Twitter: @td_econ
David Beckworth’s Twitter: @DavidBeckworth
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Related Links:
*Estimating the Effects of Political Pressure on the Fed: A Narrative Approach with New Data* by Thomas Drechsel
*Identifying Monetary Policy Shocks: A Natural Language Approach* by S. Boragan Aruoba and Thomas Drechsel
*Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence* by Alberto Alesina and Lawrence Summers
*Narrative Sign Restrictions for SVARs* by Juan Antolin-Diaz and Juan Rubio-Ramirez
*Threats to Central Bank Independence: High-Frequency Indentifcation with Twitter* by Francesco Bianchi, Thilo Kind, and Howard Kung
*A New Measure of Monetary Shocks: Derivation and Implications* by Christina Romer and David Romer
Timestamps:
(00:00:00) – Intro
(00:04:47) – Why Should We Care About Central Bank Independence?
(00:08:01) – Fiscal and Monetary Dominance
(00:12:41) – Estimating the Effects of Political Pressure on the Fed
(00:27:14) – Breaking Down the Research Results
(00:36:46) – The Impact of Political Pressure on Inflation
(00:43:07) – Identifying Monetary Policy Shocks: Background, Methodology, and Results
(00:59:45) – Outro
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