The weeds of destruction; Economics focus.(Economics focus: Is price stability enough?)
Economist (US), The, May, 2006
Central banks need to worry about more than just inflation
THREE months after Ben Bernanke took over as chairman of America's Federal Reserve, financial markets are struggling to decipher his monetary smoke signals. His testimony to Congress on April 27th and some unguarded remarks to a journalist have left markets confused over whether or not the Fed has nearly finished raising interest rates. Some economists argue that the Fed would find its policy easier to explain if it had an explicit inflation target--something Mr Bernanke is known to favour. That might make it easier for financial markets to guess where interest rates are going, but would it necessarily result in better policy?
If candidates in an economics exam are asked: "What should be the...
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