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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Ilaine who wrote (97694)4/24/2001 7:29:40 PM
From: pater tenebrarum  Read Replies (1) of 436258
 
i know that the Fed's statutes include employment and economic growth as within its policy ambit.

it's only that it doesn't make much sense to me...and thank God the ECB's mandate is a lot narrower. imo a CB (if one has to have one) should only look after the soundness of the currency...the rest should ultimately flow from that. a CB can do nothing to influence an economy's structural issues, which are anyway nothing but a direct result of government interference. an 'ideal' economy without government interference should not have any structural problems.

imo the Fed IS largely independent of the politics of the day, although certainly not totally immune. but just by way of example, when Volcker applied his strong medicine in the early '80's to get inflation under control, he was despised by the administration...i think Baker really hated his guts. but in spite of frequent missives from the treasury dept., Volcker stood his ground.

Greenboink's Fed of course is a different animal in many respects.
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