Judy Shelton

Nov 28, 2024 | jp.wsj.com | Judy Shelton

ドナルド・トランプ氏が次期米大統領となった今、米連邦準備制度理事会（FRB）の独立性を損なう危険性についての警告を予期しておく必要がある。金融当局者たちは、長期的な金融の安定に関する決定に政治が一切関与すべきではないと厳かに説明するだろう。FRBの連邦公開市場委員会（FOMC）で投票権を持つ12人のメンバーに権力が集中している状況の方を、われわれはもっと懸念すべきだ。彼らは政策決定を通じて、失業者を減少あるいは増加させたり、インフレ率を低下あるいは上昇させたり、経済成長を抑制あるいは刺激したりできる。 FRBの決定は明らかに政治的な影響力を持ち、一部の人々には恩恵となるが、一部の人には打撃となる。過去4年間の米家計における保有資産増加分の約62％は、上位10％の富裕層が得たものだ。こうした米国の最富裕層の並外れて大きな利益は、金融政策が引き起こした株価高騰の結果だ。株価の上昇は主として既に潤沢な資産を持つ人々に恩恵をもたらした。 Now that Donald Trump is the president-elect, expect warnings about the...

Nov 27, 2024 | lawliberty.org | Judy Shelton |Thomas Savidge |Daniel Mahoney |Glenn Reynolds

In 2012, Charles Plosser, then President and CEO of the Federal Reserve Bank of Philadelphia, gave a speech titled, “Fiscal and Monetary Policy: Restoring the Boundaries.” In the wake of the response to the Great Recession, Plosser lamented that both governments and board members were pushing central banks to engage in policy areas well beyond their scope of authority (such as credit allocation). Twelve years later, Plosser’s speech appears prescient.

Oct 4, 2024 | independent.org | Judy Shelton

Growing protectionism and what it portends for global economic growth—not to mention geopolitical stability—induces somber references to the year 1944. The “rules-based” Bretton Woods agreement hammered out by the Allies in July that year, while World War II still raged, puts into sharp relief the consequences of trade and currency wars.

Sep 3, 2024 | independent.org | Judy Shelton

Those of us who predicted last December that the Federal Reserve would lower its target interest rate before this year’s presidential election in November could well be proven right. In all likelihood, the Fed chairman, Jerome Powell, will announce at least a 25-basis point cut on September 18. This action would make investors happy. It would also signal “mission accomplished” on the inflation front and portend additional rate reductions coming later this year and into 2025.

May 8, 2024 | independent.org | Judy Shelton

A book that offers up the weighty observations of leading economists, academics, and policymakers on the highly topical subject of monetary policy should rightfully be a runaway bestseller. The trick, though, is to make the discussion not only relevant for readers, but engaging and motivating.