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Policy-making in the Federal System Essay ESSAYSPLANET…

In summary, I will explain five points: (1) It is really hard to spot bubbles with any confidence before they burst. (2) The Fed has limited policy tools to stop a bubble from growing, even if we thought we spotted one. (3) The costs of making policy mistakes can be very high, so we must proceed with caution. (4) What we can and must do is ensure that the financial system is strong enough to withstand the inevitable bursting of a bubble. And finally (5) monetary policy should be used only as a last resort to address asset prices, because the costs to the economy of such a policy response are potentially so large.

Short Essay – Policy-making in the Federal System

Unless Common Core is stopped, its officials will dismantle what remains of state and local decision-making on classroom lessons and replace it with a new system of national tests and a national curriculum. This policy is Tocqueville’s nightmare: As in Europe, education “has become a national affair” and Common Core is the vehicle for imposing in America a one-size-fits-all centralization like that administered by the National Ministry of Education in France.

Policy-making in the Federal System - …

In your evaluation, clearly explain your interpretation of American federalism’s constitutional framework and why the federal policy is or is not consistent with it.Follow these requirements when writing the short essay:

This essay has been pretty skeptical about the powers of the Fed to identify and slow down bubbles. But there is something we can do that does not require us to identify bubbles in the first place. We can make sure our financial institutions are sound and can withstand the shock of asset price corrections. Without question, one of the key factors that magnified the intensity and costs of the 2008 financial crisis was the undercapitalization of the nation’s largest banks. They amplified the shock rather than dampened it. If we make sure the largest banks are highly capitalized (the Minneapolis Fed’s estimate is that they need roughly double the equity capital they currently have), the financial system will be much more resilient against asset price corrections in the future.

Policy-making in the Federal System Essay Example | …

The administration created another inducement in the form of No Child Left Behind waivers. In return for adopting the national standards or a federally approved alternative, states could escape NCLB sanctions for not making timely gains in student achievement. U.S. Education Secretary Arne Duncan went beyond what the law allows, by substituting the Obama administration’s favored education reforms (including national curriculum-content standards and tests) for NCLB’s accountability measures. I would add that the new accountability systems under the waivers can all too easily hide deficiencies in the performance of children in previously closely watched sub-groups and may weaken incentives to improve performance of those children.

I have been asked many times about whether and how the Federal Reserve considers asset prices (such as stock prices and house prices) in its determination of the appropriate level of interest rates. Specifically, some people suggest that the Fed should raise interest rates when asset values appear high relative to historical norms to stop asset bubbles from forming, such as the tech bubble in the late 1990s and the housing bubble in the mid-2000s. After all, when the housing bubble burst, it was devastating for the economy, causing the financial crisis and the Great Recession. Wouldn’t the economy have been better off if the Fed had simply raised rates when the bubble first started forming and thus avoided all that harm? The purpose of this essay is to explain how I think about Federal Reserve policies to address potential bubbles. This topic seems simple, but I will argue it is highly complex, with large potential consequences for Main Street. Let me remind readers that my comments are my own, and do not necessarily represent the views of the Federal Reserve System.

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