Thomas Drechsel on the Effects of Political Pressure and Identifying Monetary Policy Shocks

Thomas Drechsel on the Effects of Political Pressure and Identifying Monetary Policy Shocks

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

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:

*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

Avsnitt(541)

114 - Mark Copelovitch on the Political Economy of the Global Recession and the Eurozone Crisis

114 - Mark Copelovitch on the Political Economy of the Global Recession and the Eurozone Crisis

Mark Copelovitch is an associate professor of political science at the University of Wisconsin-Madison and studies the politics of international trade, money, and finance. He joins the show today to d...

9 Juli 20181h 5min

113 – Dan Griswold on the Benefits and Myths of Immigration

113 – Dan Griswold on the Benefits and Myths of Immigration

Dan Griswold is a research fellow and co-director for the Program on the American Economy and Globalization at the Mercatus Center. He is a nationally recognized expert on trade and immigration and is...

2 Juli 201858min

112 – Larry Ball on the Lehman Brothers Collapse and Its Role in the Great Recession

112 – Larry Ball on the Lehman Brothers Collapse and Its Role in the Great Recession

Larry Ball is a professor and department chair of economics at Johns Hopkins University. He is published widely in the field of macroeconomics and joins the show today to discuss his new book, *The Fe...

25 Juni 201858min

111 - Nick Timiraos on the History and Economics of Fannie Mae and Freddie Mac

111 - Nick Timiraos on the History and Economics of Fannie Mae and Freddie Mac

Nick Timiraos is a national economics correspondent for the Wall Street Journal and covers topics relating to the Federal Reserve. He also covered the housing bust and the government's response to the...

18 Juni 20181h 4min

110 - Brian Blackstone on the ECB and the Swiss Referendum on Sovereign Money

110 - Brian Blackstone on the ECB and the Swiss Referendum on Sovereign Money

Brian Blackstone is a Switzerland bureau chief for the Wall Street Journal and previously covered the European Central Bank from the Wall Street Journal's Frankfurt office as well as the Federal Reser...

11 Juni 201855min

109 - Christine McDaniel on International Trade and Intellectual Property

109 - Christine McDaniel on International Trade and Intellectual Property

Christine McDaniel is a senior research fellow at the Mercatus Center with the Program on the American Economy and Globalization. Christine previously held several positions within the U.S. government...

4 Juni 201852min

108 - Sam Hammond on Welfare Reform and Social Insurance

108 - Sam Hammond on Welfare Reform and Social Insurance

Sam Hammond is a poverty and welfare policy analyst for the Niskanen Center and has recently published a new paper titled, *The Free-Market Welfare State: Preserving Dynamism in a Volatile World*. He ...

28 Maj 201857min

107 - Michael Darda on Inflation, Market Monetarism, and Fed Policy

107 - Michael Darda on Inflation, Market Monetarism, and Fed Policy

Michael Darda is a chief economist and market strategist at MKM Partners. Michael is also a frequent guest on financial television and radio and is routinely quoted in "The Wall Street Journal", "The ...

21 Maj 20181h 1min

Populärt inom Business & ekonomi

badfluence
framgangspodden
varvet
rss-jossan-nina
rss-svart-marknad
rss-borsens-finest
avanzapodden
uppgang-och-fall
rss-dagen-med-di
fill-or-kill
lastbilspodden
rss-inga-dumma-fragor-om-pengar
rss-den-nya-ekonomin
bathina-en-podcast
dynastin
rss-kort-lang-analyspodden-fran-di
svd-tech-brief
bilar-med-sladd
24fragor
market-makers