If you want to keep politicians out of the Fed's business, which we do, then we ought to stay out of their business. That's one viewpoint.
More Quotes from Edward Gramlich:
It's the hardest type of thing for monetary policy. There's no right answer. You're going to have to make something worse.Edward Gramlich
Monetary policy has never been partisan. Economists of both parties think that if you keep inflation low, you can keep employment high.
Edward Gramlich
We're not explicitly targeting for any set of stock market values, ... Most of us think that we're managing the whole economy and we're trying to target inflation, unemployment. Period.
Edward Gramlich
We have done everything but tell you what our target is ... if you want to look at our past behavior, it's kind of magical. In the last decade (inflation excluding food and energy) has been between 1 to 2.
Edward Gramlich
It never got acrimonious. They're both very reasonable people, they know each other well, they're friends. They have, I think in the scheme of things, a relatively modest disagreement.
Edward Gramlich
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