At the time, Stanford was a hotbed of work on asymmetric information, incentives, and the principal-agent problem; and even though my field was macroeconomics, I was heavily influenced by that intellectual environment.
I will then touch on the current federal regulatory climate and the Fed’s agenda for supervision. Inflation continued to climb in June, reaching 9.1 percent as measured by the consumer price index. This is yet another concerningly high reading, and it set another 40-year record high despite the expectation of many forecasters that inflation had peaked earlier in the year.