A country song about how hard it is to be a central banker.
Background:
http://www.pbs.org/newshour/making-se...
The PBS NewsHour aired a report on the Fed's dual mandate in October, 2014. It features Paul Krugman, Charles Calomiris, and this song: http://youtu.be/ppXjeRbQq5w
Other economists, including Alan Greenspan, comment on the song here:
http://www.pbs.org/newshour/making-se...
The lyric:
"Dual Mandate"
by Merle Hazard
It’s awfully hard to be a central banker
Rich folks like to see the currency strong
But the average Joe’s not overjoyed if he’s destitute, and unemployed
Seems like every time I choose, I’m choosin’ wrong
The right says I should tighten up on credit
To keep the risk of inflation nice and low
But the left, and many economic scholars, are urgin’ me to print more dollars
I’m torn between the two ways I could go
I’ve got a dual mandate
Dual mandate
I gotta keep prices stable
While giving jobs to those who’re able
Dual mandate
Dual mandate
My job is harder than you’ll ever know
Unlike here in the U.S., the Bank of England has it pretty easy
And so, I hear, does Europe’s ECB
Their goal is for stable price
That’s pretty simple, must be nice:
A single mandate. Unlike poor, unlucky me
‘Cause I’ve got a dual mandate
Dual mandate
I gotta solve labor’s troubles
Without creatin’ financial bubbles
Dual mandate
Dual mandate
It’s tough for me to make the economy grow
My job is harder than you’ll ever know
financial analysis Dual Mandate | |
| 170 Likes | 170 Dislikes |
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| Music | Upload TimePublished on 29 Oct 2014 |
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