Peter Ireland on the Fed’s Pandemic Performance and the Path Forward for Monetary Policy

Macro Musings with David Beckworth

Peter Ireland is a professor of economics at Boston College, a research associate at the National Bureau of Economic Research, and a member of the Shadow Open Market Committee. Peter has also been a visiting scholar at numerous Federal Reserve Banks and is a returning guest to the podcast. He rejoins Macro Musings to talk about U.S. monetary policy during the pandemic and what the path forward looks like for the Fed and the policy landscape. David and Peter also discuss the current state of macroeconomics, including the most influential and popular business cycle theories, the present direction of policy macro, and whether or not the Fed’s current framework should shoulder blame for its pandemic policy missteps.

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Transcript for the episode can be found here.

Peter’s Twitter: @PIrelandEcon

Peter’s Boston College profile: https://www.bc.edu/bc-web/schools/mcas/departments/economics/people/faculty-directory/peter-ireland.html

Related Links:

*The Continuing Case for Nominal GDP Level Targeting* by Peter Ireland

http://irelandp.com/papers/somc202204.pdf

*Targeting Nominal Income Under the Zero Lower Bound: The Case of the Bank of England* by Michael Belongia and Peter Ireland

https://centerforfinancialstability.org/amfm/studies/ukngdp2021.pdf

*Strengthening the Second Pillar: A Greater Role for Money in the ECB’s Strategy* by Michael Belongia and Peter Ireland

http://irelandp.com/papers/eurongdp.pdf

*Facts, Fears, and Functionality of NGDP Level Targeting: A Guide to a Popular Framework for Monetary Policy* by David Beckworth

https://www.mercatus.org/system/files/beckworth-ngdp-targeting-mercatus-special-study-v2.pdf

*How to Ensure That Inflation Will Remain at the Federal Reserve’s 2 Percent Target* by Robert Hetzel

https://www.mercatus.org/publications/monetary-policy/how-ensure-inflation-will-remain-federal-reserve%E2%80%99s-2-percent-target

David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth