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“In a speech to be delivered in Santiago, Chile, on Monday, Philadelphia Federal Reserve Bank President Charles Plosser cautioned against relying too much on the central bank and said its powers ought to be curbed to prevent abuse. “I believe we have c …
READ MORE“[T]here are several reasons to believe that QE2 would not have happened had Fed officials not been able to refer to a dual mandate in the Federal Reserve Act as justification for the intervention. First consider this bit of emprical evidence: There ha …
READ MORE“While some clarification of its price-stability mandate might help, the central bank is already required to keep credit growth in check. Its full legal mandate is as follows: “The Board of Governors of the Federal Reserve System and the Federal Open M …
READ MORE“The Federal Reserve’s policy to purchase $600 billion of bonds in a program widely known as QE2 has been mostly ineffective at lowering interest rates and will do little to improve the unemployment rate, according to the exclusive CNBC Fed Survey in D …
READ MORE“James Bullard, president of the Federal Reserve Bank of St. Louis, said “it would be OK with me” if Congress used legislation to remove the Fed’s current mandate that it maximize employment in addition to controlling inflation. Bullard made his commen …
READ MORE“The contradictions were as apparent then as now; as Mr. Corker puts it, a central bank cannot have “a bipolar mandate.” The pressure to bring down unemployment using money creation during difficult economic times will inevitably complicate the task of …
READ MORE“The aim of QE2 has been to lower medium-to-longer-term interest rates since the Fed’s main policy variable—the overnight federal funds rate—has been pinned near zero for two years. But since the Nov. 3 FOMC meeting, Treasury yields have done precisely …
READ MORE“Unemployment is not high because the maturity structure of government debt is too long, thank you, nor from any lack of “liquidity” in a banking system that is sitting on a trillion dollars of cash. It’s time to focus on the real, microeconomic, tax, …
READ MORE“The nation which indulges itself with an inflationary “boom” inev itably faces the economic conse quences: either runaway inflation or a serious recession-depression. If the inflation should cease, unem ployment will increase, and the earlier forecast …
READ MORE“We are entering an era of high inflation, to judge by the massive growth of the money supply in the United States, Europe and Asia, and the stubbornness of central bankers who insist that high unemployment demands the creation of even more money. The …
READ MORE“One of the things most people don’t realize when they watch the Federal Reserve move the levers of U.S. monetary policy is that its leaders actually wear two hats. The Fed’s marching orders from Congress are to “promote effectively the goals of maximu …
READ MORE“Federal Reserve Chairman Ben Bernanke defended the central bank’s plan to buy government bonds during a private gathering with U.S. senators, responding to several days of attacks from Republicans who say the Fed is causing inflation and weakening the …
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