Gov't Snake Oil Is No Cure for Jobs Ailment

Caroline Baum, Bloomberg
Want to know what Federal Reserve policy makers are thinking at any given time? Take a look at what the research staff is doing.Back in the early 1990s, the staff was busy trying to explain the inexplicable weakness in M2, the Fed's broad monetary aggregate. Nowadays its efforts are focused on unemployment.Fed chief Ben Bernanke wants to understand why the unemployment rate has fallen so much in the face of weak economic growth, defying past relationships between the two measures. His quest is pretty much confined to econometric models.

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