The great mandate debate: Jerry Tempelman column
Reducing the Federal Reserve’s dual mandate to one – price stability – would not necessarily meet with opposition within the US central bank
In one of the last papers he wrote before passing away a little over four years ago, Milton Friedman stated unambiguously: “I believe that it is a mistake to treat the Fed as having two separate and independent objectives. The Fed exists to define a monetary system. In my opinion, it has one and only one function: to keep the price level steady.”
Friedman’s views on the so-called dual mandate under
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