The Federal Reserve on Thursday announced the leadership and objectives of its task forces to advance the conduct of monetary policy.
“The Federal Reserve’s commitment to price stability and maximum employment is unwavering. As is our resolve to pursue our mandate with rigor,” says Chairman Kevin Warsh. “The U.S. economy has changed significantly over the last generation, and never more so than right now.
“Each task force will carefully consider whether policymakers’ means and methods, analytical tools and policy approaches can be improved upon. I am honored that the best minds from a range of disciplines have agreed to work with us to sharpen our performance as an institution. The goal is straightforward: to ensure the Fed is best positioned to achieve our objectives in this consequential time.”
Supported by Fed staff, the task forces “will operate independently, with a mandate to follow the evidence, provide candid feedback, and produce rigorous findings for the Federal Open Market Committee,” reads a statement. The five task forces are Communications, Balance Sheet Policy, Data, Productivity and Jobs, and Inflation Frameworks.
Among task force leaders are well-known academics such as Raghuram Rajan at the University of Chicago’s Booth School of Business; think tank heads including William White of the C.D. Howe Institute; and business leaders and innovators such as Marc Andreesen, venture capitalist and Internet pioneer.
More information on the task forces and topics will be posted periodically on the Federal Reserve’s website.
