Regional Fed economists largely avoid working on monetary policy and instead write on unrelated academic subjects (jokingly 'ice fishing'), a bureaucratic capture arrangement that serves both the staff—who enjoy freedom to write what they want—and the Board of Governors, which prefers regional banks not get involved in monetary policy so that function rests exclusively with the chairman and his staff.

causalpending

Speaker

Michael Belongia

Evidence Quote

the Board of Governors would like nothing better than to have the 12 regional banks work on ice fishing

Source

Michael Belongia on the Fed 01/11/2010EconTalk
Created: 6/15/2026, 9:37:51 AM

My Notes

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