Charles Plosser Supports John Taylor for Fed Chair

The speaker discusses the selection of the next Federal Reserve chair, emphasizing the importance of choosing a trained economist to lead the Fed. The speaker supports John Taylor for the role, citing his expertise in monetary policy and ability to counter groupthink. The speaker also highlights the need for the Fed to maintain its independence and avoid politicization. While acknowledging other candidates, the speaker believes Taylor is best suited to meet these criteria.

Why does the speaker believe a trained economist is essential for the role of Fed chair?

• To ensure political alignment.

• To manage public relations effectively.

• Due to the complexity of monetary policy.

• Because they can make quick decisions.

What is one of the main roles of the Fed chair according to the speaker?

• To increase interest rates.

• To protect against groupthink.

• To manage the stock market.

• To reduce inflation.

What does the speaker suggest is vital for the Fed chair to prevent?

• Economic growth.

• Groupthink.

• Interest rate hikes.

• Public debates.

What characteristic does the speaker believe is crucial for maintaining the Fed's independence?

• Political connections.

• Experience in banking.

• Articulating the importance of independence.

• Public speaking skills.

Why does the speaker support John Taylor for the Fed chair position?

• He has experience in public relations.

• He is a popular public figure.

• He is a well-trained economist.

• He has a strong political background.