Perspective: Some Republican economists are opposed to Stephen Moore’s Fed nomination. More should be.
As a longtime editorial writer for the Wall Street Journal and co-founder of the anti-tax lobbying group the Club for Growth, Stephen Moore has much more experience with partisan politics than he does with monetary policy.
And it shows. Just consider the fact that Moore went from saying that we needed to raise rates to fight nonexistent inflation under Obama to now, in what’s a particularly conspicuous 180, saying we need to cut rates to fight nonexistent deflation under Trump. There are only two possibilities here: Either Moore actually isn’t able to tell whether prices are rising or falling, or he bases his economic recommendations entirely on which party controls the White House.
Other Republican policymakers haven’t been quite as vocal in their criticisms — if they’ve had any — but, reading between the lines, it’s clear that at least a few of them share a lot of the same concerns. Frederic Mishkin, a professor at Columbia Business School who was a Fed governor himself between 2006 and 2008, told The Washington Post that, first and foremost, you want someone who “actually understands the logical thinking of monetary policy" in the job.
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