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These brief essays delve into the economic issues of the day for a generally informed readership.

2011, No. 1 (Posted 2011-01-01)

What Does the Change in the FOMC's Statement of Objectives Mean?

by Daniel L. Thornton

In 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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