2024-09-30
1 小时 0 分钟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
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.
Our guest today is Thomas Drexlereghe.
Thomas is an assistant professor of economics at the University of Maryland, and he joins us today to discuss political pressure on the Fed and new ways to measure monetary policy shocks.
Thomas, welcome to the show.
Thanks, David.
It's great to be here.
Well, it's great to have you on.
You've got some really interesting work.
Your research has dealt a lot with measuring shocks, innovation, identification issues, using this narrative approach.
So there's always something new being developed in the academy.
And it's also very relevant because there's a lot of discussion about Trump and the Fed and what's going to happen after the election.
So you've got some really neat papers we're going to get into in terms of political pressure and monetary policy shocks.
But before we do that, tell us about your journey into your career and how you got here.
Sure.
So I grew up in Germany.
My accent gives that away quickly.
And in high school, I was interested in a lot of things in math, sciences, history, languages.
I was sure I wanted to go to college, but I didn't quite know what to study, and it was difficult to decide.