“Central banks don’t need to raise taxes or find buyers of their debt. This gives them huge power.”
“in the place of debate, collective agreement, and choice, it favored technocratic calculation, institutional independence, and non-discretionary rules”
“ending inflation in this way abandons any commitment to full employment, permanently weakening organized labor”
“the German Constitutional Court decision reveals the limits of existing modes of central bank legitimacy including the narrative of central bank independence”
“doubling down on a defense of independence may be inevitable but the more constructive response would be to advocate for a wider mandate”
“The Fed’s dual mandate is a legacy of progressive struggles fought by the civil rights movement to force social equity to the top of macroeconomic policy agenda.”