The Dueling Mandate
I propose that the Federal Reserve consider declaring victory and simply announce what it believes – that price stability is its first priority, as price stability is the necessary precursor for sustaining long term maximum employment. This interpretation of the dual mandate can be accomplished, I believe, without legislation.
I propose that the Federal Reserve consider declaring victory and simply announce what it believes – that price stability is its first priority, as price stability is the necessary precursor for sustaining long term maximum employment. This interpretation of the dual mandate can be accomplished, I believe, without legislation.
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