Bernanke Should Have Stayed Home

Federal Reserve Chairman Ben Bernanke, stands outside the Jackson Hole Economic Symposium, at Grand Teton National Park, Wyoming, on Aug. 31, 2012 Photograph by Ted S. Warren/AP Photo

What appears to be developing, then, at the turn of the century, is a new consensus in favor of a monetary policy that is disciplined by clear rules intended to ensure a stable of standard value, rather than one that is determined on a purely discretionary basis whatever ends may seem most pressing at any given time.

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