Central Banking With a Straight Face
Over time, central banks have been given additional objectives and have expanded their policy toolkits accordingly, particularly when called upon to prevent major shocks from triggering global depressions. But with policy innovation comes new risks, not least to central banks’ independence.
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BASEL – How often have you heard that the US Federal Reserve has a dual mandate to promote both price stability and maximum employment? Did you know that the claim is false? Under the Federal Reserve Reform Act of 1977, the Fed also has a third mandate: to ensure moderate long-term interest rates.