Chairman Warsh has announced the members of his task forces for review of Fed policies. I am impressed by the choices and the seriousness with which you are trying to provide fresh perspectives on some key problems. This is not an internal review but includes both business and academic thinkers with key knowledge for each task. I am thinking this may be one of the most extensive and far-reaching reviews ever attempted by the Fed.
| Task Force | Objective / Focus Area | Members (Co-Leaders) |
| Communications | Reviewing how the Federal Reserve conveys policy deliberations, decisions, forward guidance, and economic projections. | * Peter R. Fisher (Professor of Practice, Foster School of Business, University of Washington)* Arminio Fraga (Founder/Chairman, Gávea Investimentos; former President, Central Bank of Brazil)* Mervyn King (Former Governor, Bank of England) |
| Balance Sheet Policy | Examining the costs, benefits, and institutional implications of the Fed's balance sheet regime. | * Karen Dynan (Professor of Economics, Harvard University)* Raghuram Rajan (Professor of Finance, University of Chicago Booth; former Governor, Reserve Bank of India)* Jeremy Stein (Professor of Economics, Harvard University; former Federal Reserve Governor) |
| Data | Improving the quality, speed, and timeliness of real economic signals to inform monetary policy decisions. | * Raj Chetty (Professor of Economics, Harvard University)* Doug McMillon (Former President and CEO, Walmart Inc.)* Kevin Murphy (Professor of Economics, University of Chicago) |
| Productivity and Jobs | Assessing the economic impact of general-purpose technologies, particularly artificial intelligence (AI), on labor and productivity. | * Marc Andreessen (Cofounder and General Partner, Andreessen Horowitz)* Charles I. Jones (Professor of Economics, Stanford University / Anthropic)* Asha Sharma (Executive Vice President & Xbox CEO, Microsoft Corp.) |
| Inflation Frameworks | Evaluating the effectiveness and design of the Federal Reserve's underlying framework for price stability and targeting inflation. | * Greg Mankiw (Professor of Economics, Harvard University; former Chair, Council of Economic Advisers)* Thomas Sargent (Professor of Economics, NYU; Nobel Laureate)* William White (Senior Fellow, C.D. Howe Institute; former Economic Adviser, BIS) |
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