Here's a commentary piece that appears in today's Wall Street Journal that I co-authored with Kathryn Judge, Professor of Law at Columbia Law School and noted scholar on the Fed's history and governance. We address a pressing issue that incoming Fed Chair Kevin Warsh is very aware of: The important role the Fed's Reserve Banks play in the Fed's goal of maintaining its independence and accountability, as well as their inputs into the deliberations on monetary policy.

In this podcast with Michael Bordo on Central Bank Central with host Kathleen Hays, we respond to a series of questions about Fed Chair nominee Kevin Warsh, and discuss his fundamental beliefs, historical experiences, preferences, and how he blends pragmatism into his monetary policy decision making. We consider some of the challenges he will face, including achieving the Fed's dual mandate, interest rate and balance sheet issues, the Fed's governance, and maintaining the Fed's independence, and conclude that Warsh is a strong choice to be Fed Chair.

Here's an article I co-authored with Professor Amit Seru at Stanford University's Graduate School of Business and Senior Fellow at the Hoover Institution. It sets out specific recommendations for how the Fed can reorganize and improve its efforts to maintain financial stability, including obtaining and monitoring information on private credit, while becoming more transparent and accountable in its efforts to achieve its dual mandate of low inflation and maximum employment.

Here's a Podcast of my guest appearance on Central Bank Central hosted by Kathleen Hays. In it, I discuss the resilience of the economy and point out that inflation in the services sectors are the primary source of sticky inflation, not goods prices as a consequence of tariffs. I also describe inconsistencies in Fed Governor Miran's assessment that r* is close to zero, suggesting there is little room for the Fed to lower rates unless the economy unexpectedly weakens.

Here's a new Wall Street Journal commentary piece by By Charles I. Plosser and Mickey D. Levy: President Trump’s threat to nominate a new Federal Reserve chairman who will lower interest rates is misguided. History suggests that the economy and financial markets perform best when the Fed prioritizes price stability, and performance suffers when other goals take precedence. A central bank operating independently generates the best outcomes.

Here's a presentation on tariffs I made with my colleague Michael Bordo at a Hoover Institution Economic Policy Workshop. Mike describes how Trump's tariffs policy ignores the important lessons of history that tariffs are costly mistakes. In the second half of the presentation, I describe the likely adverse impacts of tariffs on the economy, financial markets and the Fed, with a focus on the potential high costs of a loss of U.S. government credibility and reliability. I conclude with a scenario analysis of Trump's tariff policies and speculate on probable outcomes.