It's not just Janet Yellen: Richard Fischer misses the point of monetary policy too
In congressional testimony, newly minted Fed Chairman Janet Yellen ably revealed why the central bank she runs is often such an imposing barrier to economic progress. While it will be explained later in the piece why Yellen will ultimately have a successful Fed tenure in a debased, “soft bigotry of low expectations” sense, her testimony makes clear that she’ll succeed despite her impressive weakness as an economic thinker.
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