What does the change in the FOMC's statement of objectives mean?
AbstractIn contrast, most economists believe that central banks have little or no ability to directly affect employment. The effect of monetary policy actions on employment is indirect and stems from central banks’ ability to affect output growth in the short run and achieve price stability in the long run.
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Bibliographic InfoArticle provided by Federal Reserve Bank of St. Louis in its journal Economic Synopses.
Volume (Year): (2011)
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- Daniel L. Thornton, 2012. "The dual mandate: has the Fed changed its objective?," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 117-134.
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