FRBは学者馬鹿に牛耳られている、と告発した下記の本をダラス連銀の元職員が出版するということで、WSJ取り上げている(H/T Mostly Economics、cf. 著者のサイト)。

Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America (English Edition)

Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America (English Edition)

The Federal Reserve is dominated by academics who don’t know how finance and the economy really work, according to a former Federal Reserve Bank of Dallas staffer in her new book.
Danielle DiMartino Booth, an adviser to Richard Fisher when he was Dallas Fed president, says the economists who control most of the central bank’s seats of power filter their decision-making through theoretical models. That led the institution to miss the forces that created the financial crisis, and then adopt the wrong policies to put the economy back on track, she says.
Ms. Booth makes her case in a book called “Fed Up: An Insider’s Take on Why the Federal Reserve Is Bad for America,” set to be published Tuesday.
Ms. Booth’s arguments echo those of her former boss, who led the Dallas Fed from 2005 to 2015, and frequently voted against the central bank’s aggressive stimulus efforts during and after the financial crisis. “If you rely entirely on theory, you are not going to conduct the right policy, because policies have consequences” that in many cases people with real-world experience are particularly well-suited to spot, Mr. Fisher said in an interview late last year.
In her book, Ms. Booth describes a tribe of slow-moving Fed economists who dismiss those without high-level academic credentials. She counts Fed Chairwoman Janet Yellen and former Fed leader Ben Bernanke among them. The Fed, Mr. Bernanke and the Dallas Fed declined to comment.
The Fed’s “modus operandi” is defined by “hubris and myopia,” Ms. Booth writes in an advance copy of the book. “Central bankers have invited politicians to abdicate leadership authority to an inbred society of PhD academics who are infected to their core with groupthink, or as I prefer to think of it: ‘groupstink.’”
“Global systemic risk has been exponentially amplified by the Fed’s actions,” Ms. Booth writes, referring to the central bank’s policies holding interest rates very low since late 2008. “Who will pay when this credit bubble bursts? The poor and middle class, not the elites.”
Fed officials have defended their crisis-era stimulus policies, saying they lowered unemployment and helped the housing market recover. Opponents feared near-zero interest rates would cause excessive inflation and dangerous market bubbles, neither of which has happened.
Mr. Fisher praised Ms. Booth’s book in an interview last month, highlighting the insider perspective it offers.
“All the books that have been written so far” about the financial crisis “have been written by the principals themselves,” and it’s natural for those authors “to make themselves look as good as possible,” he said.
He said the book’s greatest value is in describing “the hubris of Ph.D. economists who’ve never worked on the Street or in the City,” as well as flagging “the protected culture” of Fed officials in Washington.
Many central bankers are “not going to like” the book, he said.
「世界のシステミックリスクはFRBの行動によって指数関数的に増幅された」とブース氏は2008年末以降の中銀の超低金利政策を指して書いている。「この信用バブルが破裂した時に誰が対価を払うのだろうか? 貧困層と中間層であって、エリート層ではない。」