Austan Goolsbee

It's great to see you again.

It's great to see you again.

It was a bumpy week, wasn't it?

It was a bumpy week, wasn't it?

It was a bumpy week, wasn't it?

This is a day or a week or a month or a year or this is the life of the Fed. You know, the Fed was invented coming out of the panic of 1907. So we've been dealing with financial stability and market chaos and... cleaning up messes for a long, long time.

This is a day or a week or a month or a year or this is the life of the Fed. You know, the Fed was invented coming out of the panic of 1907. So we've been dealing with financial stability and market chaos and... cleaning up messes for a long, long time.

This is a day or a week or a month or a year or this is the life of the Fed. You know, the Fed was invented coming out of the panic of 1907. So we've been dealing with financial stability and market chaos and... cleaning up messes for a long, long time.

What do we do all day? Well, exactly. I still ask myself that question. There's five functions of the Fed. I kind of think of it as being on your hand. At the base is monetary policy. It's the opposable thumb. It's what separates us from the animals. And we have a research department. We go every six weeks or so to Washington, D.C. for the Federal Open Market Committee. The shades come down.

What do we do all day? Well, exactly. I still ask myself that question. There's five functions of the Fed. I kind of think of it as being on your hand. At the base is monetary policy. It's the opposable thumb. It's what separates us from the animals. And we have a research department. We go every six weeks or so to Washington, D.C. for the Federal Open Market Committee. The shades come down.

What do we do all day? Well, exactly. I still ask myself that question. There's five functions of the Fed. I kind of think of it as being on your hand. At the base is monetary policy. It's the opposable thumb. It's what separates us from the animals. And we have a research department. We go every six weeks or so to Washington, D.C. for the Federal Open Market Committee. The shades come down.

There's a giant table, and they go around the room. And it's kind of, I don't know, it's kind of paradise if you're an econ nerd. All right, let me interrupt.

There's a giant table, and they go around the room. And it's kind of, I don't know, it's kind of paradise if you're an econ nerd. All right, let me interrupt.

There's a giant table, and they go around the room. And it's kind of, I don't know, it's kind of paradise if you're an econ nerd. All right, let me interrupt.

And then... There's no pope and there's no flyers. But other than that, yes, that's pretty much how it is.

And then... There's no pope and there's no flyers. But other than that, yes, that's pretty much how it is.

And then... There's no pope and there's no flyers. But other than that, yes, that's pretty much how it is.

Yeah, pretty much. Now, everybody sits around the table. The Board of Governors are political appointees, and they're at the Washington, D.C. Fed. And then 12 of the 19 people around the table are from the 12 Reserve Banks. The Chicago District's kind of heart of the Midwest. It's most all of Iowa, Wisconsin, Illinois, Indiana, Michigan. I feel a little regional pride.

Yeah, pretty much. Now, everybody sits around the table. The Board of Governors are political appointees, and they're at the Washington, D.C. Fed. And then 12 of the 19 people around the table are from the 12 Reserve Banks. The Chicago District's kind of heart of the Midwest. It's most all of Iowa, Wisconsin, Illinois, Indiana, Michigan. I feel a little regional pride.

Yeah, pretty much. Now, everybody sits around the table. The Board of Governors are political appointees, and they're at the Washington, D.C. Fed. And then 12 of the 19 people around the table are from the 12 Reserve Banks. The Chicago District's kind of heart of the Midwest. It's most all of Iowa, Wisconsin, Illinois, Indiana, Michigan. I feel a little regional pride.