Author: qinbafrank
Today, the Federal Reserve announced the leadership lineup of the five major reform working groups. My first instinct after watching it is that Kevin Walsh is establishing a parallel policy design layer led by the Federal Reserve Chairman: the statutory decision-making authority remains with the FOMC and the Board, but the agenda-setting authority, knowledge production authority, data ingress, and the public narrative authority are clearly concentrated in the hands of the Chairman and the external experts he selects. There is also a hint of the central working group often used in our party's institutional reforms.
The Federal Reserve officially names them as the "Chairman-Advancing Monetary Policy Working Group", and all 15 co-leaders are outsiders, supported by Federal Reserve staff, conducting independent research, and finally submitting conclusions to the FOMC.
The five groups are not five scattered topics, but cover the entire "operating system" of monetary policy:
Data input → Productivity, employment, and inflation models → Balance sheet tools → External communication.
I must say Walsh's methods are sophisticated; the characteristics of this working group are:
1) Personally initiated by the top leader;
2) Crossing original departmental boundaries;
3) Establishing parallel information reporting channels;
4) Bypassing the delays and departmental interests of conventional bureaucratic procedures;
5) Quickly resetting the policy agenda through "top-level design";
6) Utilizing special organizations to concentrate coordination and knowledge authority.
Is there a hint of the working group often used in our party's institutional reforms?
The future suggests that before the research results of the reform working groups come out, there is a high probability that Walsh will remain inactive.
And looking ahead, we can pay attention to whether the working groups will exist in the long term? Will there be situations where the conclusions of the working groups equate to the Chairman's established policies? Will the FOMC ultimately only be responsible for ratification?
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