Summary

Business reporters and Fed watchers focus on monetary policy which is no longer--if it ever was--the Fed's main job, according to Lester Telser. Ben Bernanke's own research suggests that even long ago the main danger to the economy came from the non-monetary effects of disruptions in confidence in the soundness of the banking system, a fact that is all the more true today.

Recommended Citation

Telser, Lester G. (2007) "The Fed's Real Job," The Economists' Voice: Vol. 4 : Iss. 4, Article 4.
Available at: http://www.bepress.com/ev/vol4/iss4/art4