Ann Owen, the Henry Platt Bristol Professor of Economics, was quoted on American Public Media’s Marketplace Evening Report broadcast on Monday, Sept. 16. In a segment titled “What does the Fed chair actually do?,” Owen discussed the Federal Reserve’s breadth of authority. Comments by Brookings Institution Senior Fellow and former Federal Reserve Vice Chair Alice Rivlin and Columbia University professor and former Federal Reserve Governor Frederic Mishkin were also included in the report.
“The Fed always had the authority to do everything that it did in the financial crisis,” Owen said. “It just used its existing authority and because it had not done that prior to the financial crisis, it opened people’s eyes up to what the Fed can do.”