In other words, she’s not just trying to throw a wrench in the works.
Then there’s the matter of her being a woman in a largely male field. Janet Yellen, the former Fed chair who is now the Treasury secretary, has said that women in economics “feel less valued and less included socially,” adding that many also “feel that their talents are not fully realized.”
Is it possible that being a woman has something to do with Brainard’s willingness to buck the conventional wisdom at the Fed? Anat Admati, a Stanford University economist, says it’s possible. “My nonscientific experience has been that there are relatively few women in this space, and they’re disproportionately willing to engage with a range of opinion,” she says. “Maybe they’re less prone to groupthink.”
Number of the week
The seasonally adjusted increase in average hourly earnings of production and nonsupervisory workers in the United States from August to September, according to a survey of economists by FactSet. The official number will be released in the monthly jobs report on Oct. 8.
Economists at Goldman Sachs wrote on Sept. 30 that hourly wages of nonsupervisory leisure and hospitality workers rose at an annual rate of 22 percent from March, when the American Rescue Plan was adopted, through August, “in part because emergency unemployment benefits had a much larger effect on labor supply at lower wage levels.”
Quote of the day
“Remember that Money is of a prolific generating Nature. Money can beget Money, and its Offspring can beget more, and so on. Five Shillings turn’d, is Six: Turn’d again, ’tis Seven and Three Pence; and so on ’til it becomes an Hundred Pound. The more there is of it, the more it produces every Turning, so that the Profits rise quicker and quicker. He that kills a breeding Sow, destroys all her Offspring to the thousandth Generation. He that murders a Crown, destroys all it might have produc’d, even Scores of Pounds.”
— Benjamin Franklin, “Advice to a Young Tradesman” (1748)
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