Fed's Miran on Supply Shocks, Policy, Central Bank Tenure

• Miran believes declining population growth is a long-term disinflationary force, lowering the neutral rate and contributing to slower housing inflation.
• He stresses that monetary policy operates with significant lags (12-18 months) and should not overreact to immediate supply shocks like oil prices.
• Miran advocates for a smaller Fed balance sheet to avoid fiscal implications and maintain clear delineation between monetary and fiscal authorities.
• He asserts his views are grounded in traditional economics, not political influence, despite external perceptions of his dissents.

Federal Reserve Governor Stephen Miran reflects on his tenure, emphasizing the positive internal reception to his intellectual contributions. He discusses the disinflationary impact of declining population growth and the importance of regulations for the economy's supply side. Miran advocates for monetary policy to account for long lags and look through short-term supply shocks, while also supporting a smaller Fed balance sheet for institutional clarity.