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melian 25 September 2015 06:53 AM
73%

If the bureaucrats' job description is straightforward with easily graded metrics, like the way central banks work

Central banks may have well defined goals (full employment and low inflation), but the achievement of these goals mostly depends on factors outside of their control. When central banks fail to meet their targets, there is usually no consensus among economists on whether the banks, government policies or economic cycles are to blame.
I predict it would also be straightforward to determine whether they are doing their job, and should be allowed to continue in it.

Who would make this decision?


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FrameBenignly 27 September 2015 07:01 PM
66%

Central banks may have well defined goals (full employment and low inflation), but the achievement of these goals mostly depends on factors outside of their control. When central banks fail to meet their targets, there is usually no consensus among economists on whether the banks, government policies or economic cycles are to blame.


And yet somehow they've been

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FrameBenignly 27 September 2015 07:14 PM
66%

Link didn't work: http://www.ny.frb.org/research/epr/97v03n3/9708part7.pdf

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melian 27 September 2015 07:50 PM
70%

Reducing inflation alone is pretty easy. The problem is how to do it without simultaneously increasing unemployment. For example, the drastic increase in interest rates by the Federal Reserve in 1980 has cut the inflation but also produced a bad recession.

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