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The Fed's Curse Of Academic Uniformity

February 28, 2014, 6:25 am
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Fed Chief Janet Yellen

"Neil Fligstein, a sociology professor at the University of California, Berkeley, argues in a recent paper that the broader problem was cultural. The Fed increasingly is dominated by one kind of official: academic economists who lack private-sector experience. "They all start out analyzing everything in more or less the same way," he said...[I]t remains a striking fact that Fed officials were not just wrong about economic conditions, but wrong in roughly the same way." Binyamin Appelbaum in The New York Times.



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