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The Fed’s Research Mission and Measure of Success

The Fed’s Research Mission and Measure of Success Editor’s Note We are pleased to announce the debut of a column titled Economics With Attitude, by David C. Colander, Christian A. Johnson Distinguished Professor of Economics at Middlebury College. In this Column, David will explore issues related to economic policy as well as the economics profession. Susan L. Averett and Edward N. Gamber, co-editors, Eastern Economic Journal COLANDE R 'S E C ONOMICS W IT H A TT IT UDE David Colander Department of Economics, Middlebury College, Middlebury, Vermont 05753, USA. Eastern Economic Journal (2013) 39, 439–443. doi:10.1057/eej.2013.28 If an engineering firm had failed to warn of the possibility of a financial crisis occurring, and it occurred, they would have been, and should have been, fired. Yet, the Fed that before the financial crisis was telling everyone that all was fine and that there was no need for concern, has not been fired, and has faced little criticism for its role in the financial crisis. In part this lack of criticism is because of its handling of the financial crisis. While it did not predict, or even warn of the crisis, once the crisis hit, it quickly adjusted policies and kept the United States and world economy afloat, http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Eastern Economic Journal Springer Journals

The Fed’s Research Mission and Measure of Success

Colander, David
Eastern Economic Journal , Volume 39 (4) – Sep 10, 2013
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Publisher
Springer Journals
Copyright
Copyright © 2013 by Eastern Economic Association
Subject
Economics; Economics, general; Economic Theory/Quantitative Economics/Mathematical Methods
ISSN
0094-5056
eISSN
1939-4632
DOI
10.1057/eej.2013.28
Publisher site
See Article on Publisher Site

Abstract

Editor’s Note We are pleased to announce the debut of a column titled Economics With Attitude, by David C. Colander, Christian A. Johnson Distinguished Professor of Economics at Middlebury College. In this Column, David will explore issues related to economic policy as well as the economics profession. Susan L. Averett and Edward N. Gamber, co-editors, Eastern Economic Journal COLANDE R 'S E C ONOMICS W IT H A TT IT UDE David Colander Department of Economics, Middlebury College, Middlebury, Vermont 05753, USA. Eastern Economic Journal (2013) 39, 439–443. doi:10.1057/eej.2013.28 If an engineering firm had failed to warn of the possibility of a financial crisis occurring, and it occurred, they would have been, and should have been, fired. Yet, the Fed that before the financial crisis was telling everyone that all was fine and that there was no need for concern, has not been fired, and has faced little criticism for its role in the financial crisis. In part this lack of criticism is because of its handling of the financial crisis. While it did not predict, or even warn of the crisis, once the crisis hit, it quickly adjusted policies and kept the United States and world economy afloat,

Journal

Eastern Economic Journal – Springer Journals

Published: Sep 10, 2013

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