Mary Daly on Fed Policy, the Economic Impacts of AI, and the Future of the Fed’s Framework

玛丽·戴利 (Mary Daly) 谈美联储政策、人工智能的经济影响以及美联储框架的未来

Macro Musings with David Beckworth

教育

2024-05-13

1 小时 1 分钟
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Mary Daly is the president and CEO of the Federal Reserve Bank of San Francisco, a voting member of the Federal Open Market Committee (FOMC), and is also a 28-year veteran of the Federal Reserve System. President Daly joins David for this special live episode of Macro Musings to talk about her non-linear career path to the world of monetary policy, the long-term economic impacts of AI, the future outlook for Fed policy and the Fed’s framework, and much more.   Transcript for this week’s episode.   Mary’s Twitter: @MaryDalyEcon Mary’s San Francisco Fed profile   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:   *Facts, Fears, and Functionality of NGDP Level Targeting* by David Beckworth   Timestamps:   (00:00:00) – Intro   (00:01:30) – Mary Daly’s Background   (00:06:09) – Recent Inflationary Trends and the Future of Fed Policy   (00:15:39) – The Trajectory of R-Star Over the Medium to Long-Run   (00:19:06) – The Long-Term Economic Impacts of AI   (00:29:51) – Expectations for the Upcoming Fed Framework Review   (00:33:35) – Prospects for Nominal GDP Targeting at the Fed   (00:36:58) – Fed Policymaking During an Election Year   (00:38:16) – Audience Q&A Period   (01:01:09) – Outro
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  • Welcome to Macro musings, where each week we pull back the curtain and take a closer look at the most important macroeconomic issues of the past, present and future.

  • I am your host, David Beckwourth, a senior research fellow at the Mercator center at George Mason University.

  • And I'm glad you decided to join us.

  • Thank you to everyone for coming out to this live recording.

  • We have a very special guest, President Mary Daley, with us.

  • Not only is she the president and CEO of the San Francisco Fed, she is a voting member of the FOMC.

  • That's why all these fun folks are here with us today.

  • She also is a 28 year veteran of the federal reserve system.

  • So she brings a wealth of experience, knowledge and insights to some of the questions we want to talk about today.

  • So thank you for joining us.

  • It's my pleasure.

  • And it's nice to be live.

  • Well, it's great to have you here, and I'm excited to get into discussing monetary policy, Fed policy, with you.

  • Before we do that, though, you have an amazing journey.

  • Your story, you've overcome a lot.

  • I'll just throw out a few quick facts.

  • You dropped out of high school, you worked retail paycheck to paycheck.

  • You went back and got your GED, you got a PhD, and here you are, a Fed president.

  • So that's quite a story.

  • And there's a lot to learn from that, lessons you could probably share with us.