Federal Reserve Board – Federal Reserve announces the leadership and objectives of its task forces to advance the conduct of monetary policy

The Federal Reserve on Thursday announced the leadership and goals of its working groups to advance the conduct of monetary policy.

“The Federal Reserve’s commitment to price stability and maximum employment is unwavering. As is our determination to carry out our mandate rigorously,” said Chairman Kevin Warsh. “The US economy has changed significantly over the last generation, and never more so than right now. Each task force will carefully consider whether the means and methods, analytical tools, and policy approaches of policymakers can be improved. I am honored that the best minds from a range of disciplines have agreed to work with us to improve our performance as an institution. The goal is to achieve the best goal: consequential time.”

The five working groups will examine areas central to the broad development of monetary policy. They will be co-led by external advisors (experienced economists, business leaders and former central bank professionals) with extensive experience in their fields. Supported by Federal Reserve staff, they will operate independently, with a mandate to follow the evidence, provide candid feedback, and produce rigorous findings for the Federal Open Market Committee.

The leaders of the five working groups are:

• Communications: Review how the Federal Reserve communicates policy deliberations and decisions amid uncertainty.

  • Peter R. Fisher, Professor of Practice, Foster School of Business, University of Washington
  • Arminio Fraga, founder and president of Gávea Investimentos; former president of the Central Bank of Brazil
  • Mervyn King, former governor of the Bank of England

• Balance Sheet Policy: Examine the costs, benefits, and institutional implications of the Federal Reserve’s current balance sheet regime.

  • Karen Dynan, professor of economics at Harvard University
  • Raghuram Rajan, professor of finance at the University of Chicago Booth School of Business; former Governor of the Reserve Bank of India
  • Jeremy Stein, professor of economics at Harvard University; former governor of the Federal Reserve Board

• Data: Improve the quality and timeliness of the real economic signals that inform the Federal Reserve’s policy judgments.

  • Raj Chetty, professor of economics at Harvard University
  • Doug McMillon, former president and CEO of Walmart Inc.
  • Kevin Murphy, professor of economics at the University of Chicago

• Productivity and Jobs: Assessing the economic impact of new general-purpose technologies, including artificial intelligence, to inform the Federal Reserve’s policy judgments.

  • Marc Andreessen, co-founder and general partner, Andreessen Horowitz
  • Charles I. Jones, professor of economics at Stanford University, currently on sabbatical from Anthropic
  • Asha Sharma, Executive Vice President and CEO of XBOX, Microsoft Corp.

• Inflation Frameworks: Review how the Federal Reserve understands and responds to the drivers of inflation.

  • Greg Mankiw, professor of economics at Harvard University; former president of the Council of Economic Advisors
  • Thomas Sargent, professor of economics at New York University; Nobel Prize
  • William White, Senior Fellow at the CD Howe Institute; former economic adviser to the Bank for International Settlements

More information on working groups and topics will be published periodically in the Federal Reserve web site.

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