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Dual Mandate

Merle Hazard
9.11K subscribers
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29K views 10 years ago
A country song about how hard it is to be a central banker. Background: http://www.pbs.org/newshour/making-se... The PBS NewsHour aired a report on the Fed's dual mandate in October, 2014. It features Paul Krugman, Charles Calomiris, and this song:    • Why the Fed frets about both jobs and infl...   Other economists, including Alan Greenspan, comment on the song here: http://www.pbs.org/newshour/making-se... The lyric: "Dual Mandate" by Merle Hazard It’s awfully hard to be a central banker Rich folks like to see the currency strong But the average Joe’s not overjoyed if he’s destitute, and unemployed Seems like every time I choose, I’m choosin’ wrong The right says I should tighten up on credit To keep the risk of inflation nice and low But the left, and many economic scholars, are urgin’ me to print more dollars I’m torn between the two ways I could go I’ve got a dual mandate Dual mandate I gotta keep prices stable While giving jobs to …...more
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Dual Mandate
436Likes
29,094Views
2014Oct 29
A country song about how hard it is to be a central banker. Background: http://www.pbs.org/newshour/making-se... The PBS NewsHour aired a report on the Fed's dual mandate in October, 2014. It features Paul Krugman, Charles Calomiris, and this song:    • Why the Fed frets about both jobs and infl...   Other economists, including Alan Greenspan, comment on the song here: http://www.pbs.org/newshour/making-se... The lyric: "Dual Mandate" by Merle Hazard It’s awfully hard to be a central banker Rich folks like to see the currency strong But the average Joe’s not overjoyed if he’s destitute, and unemployed Seems like every time I choose, I’m choosin’ wrong The right says I should tighten up on credit To keep the risk of inflation nice and low But the left, and many economic scholars, are urgin’ me to print more dollars I’m torn between the two ways I could go I’ve got a dual mandate Dual mandate I gotta keep prices stable While giving jobs to those who’re able Dual mandate Dual mandate My job is harder than you’ll ever know Unlike here in the U.S., the Bank of England has it pretty easy And so, I hear, does Europe’s ECB Their goal is for stable price That’s pretty simple, must be nice: A single mandate. Unlike poor, unlucky me ‘Cause I’ve got a dual mandate Dual mandate I gotta solve labor’s troubles Without creatin’ financial bubbles Dual mandate Dual mandate It’s tough for me to make the economy grow My job is harder than you’ll ever know

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Merle Hazard

9.11K subscribers