How many mandates does the Fed have? How many can it achieve?
On "Re-examining the Federal Reserve's Many Mandates on Its 100-Year Anniversary"

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Discretionary fiat-currency central banking is subject to high uncertainty. Therefore the attempts of central banks to “manage” financial and economic stability are inevitably subject to mistakes, and recurring big mistakes. The naive belief that any central bank, or anybody, could actually know enough about the future, and in particular about the future of complex, recursive globalized economies and financial markets, to be an economic “Maestro”, is a fundamental error.

How many mandates does the Fed have? How many can it achieve? by American Enterprise Institute

 

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Alex J.
Pollock

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