The Federal Reserve is a powerful government institution responsible for maintaining a stable value of the nation's money. The Federal Reserve conducts an impressive publicity program to promote its image as a politically independent guardian of economic and financial stability frequently threatened by the animal spirits of the market. Textbooks, the media and many politicians support this view for different reasons. This is more myth than reality, however. Professor Cargill's presentation will focus on the Federal Reserve's lack of independence from government; the Federal Reserve's unwillingness to be held accountable for its policy outcomes; the Federal Reserve's contribution economic instability; and, the Federal Reserve as an enabler of the political agenda of the government.
Professor Thomas F. Cargill received his Ph.D. in Economics in 1968 from the University of California at Davis. He has taught and conducted research on financial and monetary economics at the University of California, Davis; University of Hawaii at both Honolulu and Ho Chi Minh City, Vietnam; California State University, Sacramento; Purdue University; and since 1973, the University of Nevada, Reno. Professor Cargill officially retired from the University of Nevada, Reno June 2017.
Professor Cargill has authored or co-authored a large number of articles and books. He has written extensively on U.S. financial and central banking issues and has also conducted similar research on Korea, Japan, and to a lesser extent China.
Professor Cargill has been a visiting scholar at the Comptroller of the Currency, Bank of Japan, Japanese Ministry of Finance, Japanese Ministry of Posts and Telecommunications, Federal Reserve Bank of San Francisco, Federal Deposit Insurance Corporation, East-West Center at the University of Hawaii, and Bank of Korea. He has served as a consultant to the National Credit Union Administration, World Bank, Central Intelligence Agency, International Monetary Fund and OECD. He is a member of the Advisory Council to the Korea Economic Institute and a past associate editor of the North Korean Review. Professor Cargill has been invited to make presentations to a variety of governmental agencies in the United States, Japan, and Korea and has presented lectures in China, Guam, Hungry, Australia, and Indonesia.
He has been active in business and economic consulting, contributing to the news media, and conducting regional research on the Nevada economy.
Professor Cargill received the 2008 Regents Researcher Award. This is Nevada’s highest award for research at the University of Nevada, Reno; University of Nevada, Las Vegas; and, the Desert Research Institute.