{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Thomas Drechsel on the Effects of Political Pressure and Identifying Monetary Policy Shocks","description":"Thomas Drechsel is an assistant professor of economics at the University of Maryland. He joins David on Macro Musings to talk about the political pressure on the Fed and the new ways to measure monetary policy shocks. Thomas and David also discuss fiscal and monetary dominance, the impact of political pressure on inflation, why we should care about central bank independence, and more. &amp;nbsp; Transcript for this week\u2019s  episode. &amp;nbsp; Thomas\u2019s website Thomas\u2019s Twitter: @td_econ &amp;nbsp; David Beckworth\u2019s Twitter:&amp;nbsp;@DavidBeckworth Follow us on Twitter:&amp;nbsp;@Macro_Musings &amp;nbsp; Check out our new AI chatbot: the&amp;nbsp;Macro Musebot! Join the new Macro Musings&amp;nbsp;Discord server! &amp;nbsp; Join the Macro Musings&amp;nbsp;mailing list! Check out our Macro Musings&amp;nbsp;merch! &amp;nbsp; Related Links: &amp;nbsp; *Estimating the Effects of Political Pressure on the Fed: A Narrative Approach with New Data* by Thomas Drechsel &amp;nbsp;  *Identifying Monetary Policy Shocks: A Natural Language Approach* by S. Boragan Aruoba and Thomas Drechsel &amp;nbsp; *Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence* by Alberto Alesina and Lawrence Summers &amp;nbsp; *Narrative Sign Restrictions for SVARs* by Juan Antolin-Diaz and Juan Rubio-Ramirez &amp;nbsp;  *Threats to Central Bank Independence: High-Frequency Indentifcation with Twitter* by Francesco Bianchi, Thilo Kind, and Howard Kung &amp;nbsp; *A New Measure of Monetary Shocks: Derivation and Implications* by Christina Romer and David Romer &amp;nbsp; Timestamps: &amp;nbsp; (00:00:00) \u2013 Intro &amp;nbsp; (00:04:47) \u2013 Why Should We Care About Central Bank Independence? &amp;nbsp; (00:08:01) \u2013 Fiscal and Monetary Dominance &amp;nbsp; (00:12:41) \u2013 Estimating the Effects of Political Pressure on the Fed &amp;nbsp; (00:27:14) \u2013 Breaking Down the Research Results &amp;nbsp; (00:36:46) \u2013 The Impact of Political Pressure on Inflation &amp;nbsp; (00:43:07) \u2013 Identifying Monetary Policy Shocks: Background, Methodology, and Results &amp;nbsp;  (00:59:45) \u2013 Outro ","author_name":"Macro Musings with David Beckworth","author_url":"http:\/\/macromarketmusings.blogspot.com\/","html":"<iframe title=\"Libsyn Player\" style=\"border: none\" src=\"\/\/html5-player.libsyn.com\/embed\/episode\/id\/33252102\/height\/90\/theme\/custom\/thumbnail\/yes\/direction\/forward\/render-playlist\/no\/custom-color\/88AA3C\/\" height=\"90\" width=\"600\" scrolling=\"no\"  allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen><\/iframe>","thumbnail_url":"https:\/\/assets.libsyn.com\/secure\/content\/178836042"}