Austan Goolsbee
👤 SpeakerAppearances Over Time
Podcast Appearances
Just read it.
Who, what is supposed to make happy?
It's supposed to be—I mean, we're established by Congress.
The Constitution says Congress coins the money.
But it's supposed to be for the American people and for the American economy.
Stabilize the prices, maximize employment.
That's it.
That's the criteria.
It's not polling.
It's not what the president says.
It's not whether the stock market went up.
If it maximizes employment, stabilizes prices, that's what the law says.
That's what we got to pay attention to.
Why does it matter?
that there be central bank independence.
And I want to kind of separate it from just the Fed.
It's not just the Fed.
Independence has an extremely narrow meaning.
It doesn't like... The Fed is not like getting a pirate flag and writing, we hold these truths and be self-evident.
It's not that kind of independence.