Interesting that Martin Wolf notes today:
The Fed, added the chairman, has a dual mandate, to foster maximum employment and price stability. Doing nothing would be incompatible with this obligation.
A commentator claimed here the other day that there was no obligation in the USA to create employment.It looks like some strongly disagrees, that he is in a position to do something about it.
Absolutely.
I think giving the Bank of England a similar mandate to promote full employment – whilst having reasonable regard for price inflation – would be a big step forward.
@Howard
the impact would be enormous, radical and wholly beneficial!
@Richard Murphy
Who to ?
If wholly beneficial it would benefit everyone and disadvantage nobody.
Somehow I doubt that an organisation slightly right of the extreme right would adopt something like that.