Governance and diversity at the Federal Reserve

Could changes in governance practices have contributed to poor performance in 2021–22? asks Jeffrey Lacker

The purpose of good governance is good outcomes. From that perspective, the recent surge in inflation and the Federal Reserve System’s delayed response in 2021 and early 2022 must be central to any discussion of the future of Fed governance. Several Fed leaders have since expressed regret regarding the delay, and a strong case can be made that the Fed’s decision to hold off responding was a significant error given what they knew at the time. For example, in a 2023 Brookings Institution

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