Last week, the Fed released the list of participants in the various task forces created to discuss its operating procedures. The list is surprisingly conservative, with many well-established names in the field of economics, central banking, and finance—suggesting that there will be no radical changes just for the sake of it (as some had feared). In this Economics Weekly, Richard de Chazal looks at the past remarks of Greg Mankiw, who was appointed (along with William White and Thomas Sargent) to examine the Fed’s inflation framework, to gain insight into the kinds of changes we might expect to see. He also includes a discussion of the money supply, which is receiving renewed interest following Warsh’s appointment.
