The Fed's Curse Of Academic Uniformity

Fed Chief Janet Yellen

"Neil Fligstein, a sociology professor at the University of California, Berkeley, argues in a recent paper that the broader problem was cultural. The Fed increasingly is dominated by one kind of official: academic economists who lack private-sector experience. "They all start out analyzing everything in more or less the same way," he said...[I]t remains a striking fact that Fed officials were not just wrong about economic conditions, but wrong in roughly the same way." Binyamin Appelbaum in The New York Times.