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The central bank is supposed to be maximizing employment.
But Mr. Bernanke faces no such internal pressure about the other part of the Fed's mission: maximizing employment.
In 1962, Earl S. Willis, the manager of employee benefits at General Electric, wrote, "Maximizing employment security is a prime company goal".
With inflation well below the Fed's unofficial target of about 2 percent, attention has turned to the other side of the central bank's mandate: maximizing employment.
Under federal law, it has two equal objectives — maintaining price stability and maximizing employment — although those two goals have at times been difficult to reconcile.
The decisions of G.M.'s new managers should not become entangled with the government's other policy priorities — such as maximizing employment in the United States or reducing job losses in Michigan.
Similar(40)
The Fed is legally required to try to keep prices stable and maximize employment.
It is an arm of the federal government, chartered by Congress to maximize employment and minimize inflation.
But Mr. Bernanke said only that he took seriously the Fed's dual mandate to maximize employment and control inflation.
Mr. Bernanke couched his argument in terms of the Fed's mandate to keep prices stable and maximize employment.
As it interprets its legal mandate, its job is to maximize employment growth in a manner consistent with an inflation target of two per cent.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com