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Very interesting piece. It shows among other things the richness and superiority of the dual mandate with respect to single-headed inflation targeting. Monetary policy is a complex matter, and a dual mandate better allows the assessment of tradeoffs involved. Such a debate could never happen at the ECB
Brainard Drops A Policy Bomb
What if a Federal Reserve Governor drops a policy bomb in the woods and no one is there to hear it? Did it really make a noise? That's what happened today. While the bond market was closed and whatever financial journalists were left focusing their efforts on newly-minted Nobel Prize recipient ...
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Oct 13, 2015
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