Interviews with Fed officials give inside look into bank’s inner workings
Inside the Fed: Interview transcripts with top Federal Reserve officials and staffers released on Friday tell the story of over 50 years of operations inside the central bank, including conflicts of personality and vision, pressure and the sometimes diverging priorities of the Fed’s leaders and the White House, David Harrison writes for the Wall Street Journal. The interviews took place as part of an oral history project to mark the Fed’s centennial in 2013, and were designed to be personal recollections. Among the participants, former Fed chairmen Paul Volcker, Alan Greenspan and Janet Yellen are able to look back on their approaches to determining monetary policy with the benefit of hindsight. Still, the struggle to strike a balance between tempering inflation, maintaining strong economic growth and considering electoral concerns — often, it seems, conflicting interests — is apparently an ongoing one.