The Federal Reserve and Shared Prosperity

The Federal Reserve’s policies affect almost every important aspect of the economy. Given the gradual strengthening of the economy after the Great Recession, there is now talk of normalizing monetary policy and raising interest rates. That conversation is important, but it is also too narrow and keeps policy locked into a  failed status quo. There is need for a larger conversation regarding the entire framework for monetary policy and how central banks can contribute to shared prosperity. It is doubtful the United States can achieve shared prosperity without the policy cooperation of the Fed. This makes activist engagement with the Fed and its policies a matter of the highest importance.