And ( to my ear ) the always reliable Dean Baker addresses "the money thing" in "Rigged". Scott Sumner has also written at length on the subject. There are two

And ( to my ear ) the always reliable Dean Baker addresses "the money thing" in "Rigged". Scott Sumner has also written at length on the subject. There are two mandates to the Fed - price stability and ( Humphrey-Hawkins ) employment. With the exception of the Greenspan era pre-2000, Fed policy has set employment in the back seat. Because "Inflation BAAAAD!" ( in the manner of Phil Hartman's Frankenstein's monster ). So we have 2% growth targets that we undershoot and low growth. The population has adapted in ways described in Tyler Cowen's "The Complacent Class".