The US Federal Reserve has named three Indian-origin experts—former Reserve Bank of India governor Raghuram Rajan, Harvard economist Raj Chetty, and Microsoft executive Asha Sharma—to leadership roles in separate task forces reviewing the central bank’s monetary policy framework. Multiple outlets report that the initiative is launched by Federal Reserve Chair Kevin Warsh and is part of a broader effort to introduce new ideas and improve decision-making after years of US inflation that stayed above the Fed’s long-term target.
According to the reports, Rajan serves on the balance sheet policy task force, which examines the costs, benefits and institutional implications of the Fed’s current balance sheet and asset holdings. Chetty co-leads the data task force, focused on improving the quality and timeliness of economic data used for policymaking and developing better real-time indicators. Sharma is part of the productivity and jobs task force, which assesses how emerging technologies, including artificial intelligence, may affect productivity, employment and economic growth.
Sources also say Warsh announced five task forces in total, covering communications and the inflation framework as well. The panels are expected to submit evidence-based recommendations to the Federal Open Market Committee later this year.
