Política monetária dos EU

THE ECONOMIST Monetary policy -General Ben's marching orders

Nov 10th 2011, 20:30 by G.I. | WASHINGTON

CHARLIE EVANS of the Chicago Fed has been pressing his colleagues to give employment more weight in monetary policy, arguing for example that even assigning higher weight to inflation, in a classic Taylor Rule, would permit a more aggressively easy policy now. Does Ben Bernanke agree? Judging from his remarks to troops today in Texas, it looks like he’s even more hawkish on employment than Mr Evans:

Supporting job creation is half of our marching orders, so to speak; the other half is controlling inflation," he said, adding that while high unemployment remains a challenge, he at least expects inflation to remain low for the "foreseeable future.

So I make the coefficient on employment in Mr Bernanke’s Taylor Rule to be equal to that of inflation. That's interesting; Mr Evans’ argued that even if it was just a quarter of that of inflation, more QE was justified.
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