Central Bankers under Siege
Federal Reserve Chairman Ben Bernanke has gone further than any other central banker in recent times in attempting to stimulate the economy through monetary policy, yet many economists are calling for the Fed to raise its inflation target from 2% to 4%. There are many reasons why that is a bad idea.
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CHICAGO – Poor Ben Bernanke! As Chairman of the United States Federal Reserve Board, he has gone further than any other central banker in recent times in attempting to stimulate the economy through monetary policy. He has cut short-term interest rates to the bone. He has adopted innovative new methods of monetary easing. Again and again, he has repeated that, so long as inflationary pressure remains contained, his main concern is the high level of US unemployment. Yet progressive economists chastise him for not doing enough.