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The Myth of the Omnipotent Central Banker

Monetary Policy and Its Limits

Author: Adam S. Posen
July/August 2013
Foreign Affairs

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Central bankers have always carried a mystique far beyond justification. Even as their policies and procedures have become markedly more transparent, the air of secrecy and power about them persists. And the ongoing financial crisis has brought their activities to the center stage of both economic policymaking and political attention, even as the crisis has revealed many inherent limitations of monetary policy and economic forecasting more broadly.

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