Federal Reserve Assembles Task Forces to Review Monetary Policy Tools
US Federal Reserve Chairman Kevin Warsh has created five independent task forces to review and evaluate the central bank's monetary policy tools. The task forces are co-led by external advisers from various disciplines, including economics, business, and central banking.
Raghuram Rajan, a former governor of the Reserve Bank of India, will serve on the balance sheet policy task force alongside Harvard economist Karen Dynan and former Federal Reserve Governor Jeremy Stein. The panel will examine the costs and benefits of the Federal Reserve's current balance sheet regime.
Raj Chetty, a Harvard University economist, will co-lead the data task force with Walmart CEO Doug McMillon and University of Chicago economist Kevin Murphy. The group will focus on improving the quality and timeliness of real-world economic signals that inform the Federal Reserve's policy decisions.
Asha Sharma, executive vice president of Microsoft and CEO of Xbox, will serve on the productivity and jobs task force alongside venture capitalist Marc Andreessen and Stanford economist Charles I Jones. The panel will assess the economic impact of emerging general-purpose technologies, including artificial intelligence, on productivity, employment, and economic growth.
The five task forces are supported by Federal Reserve staff and will operate independently to provide feedback and produce findings for the Federal Open Market Committee.