Instead, by treating stagnant working-class living standards as a sideshow, the Fed has contributed to the rise of populist anger that Bernanke laments. Although he is correct that the central bank cannot solve the problem, it does have relevant tools, like its influence over financial markets, bank regulation and the housing sector. The one area where the book would have benefited from more introspection is economic inequality, which Bernanke largely dismisses as beyond the Fed’s mandate. Even in his restrained style, Bernanke offers criticisms. It allows readers to make judgments along with Bernanke and think about what lessons today’s policymakers - who are once again battling inflation - might take. This exercise of historical assessment from a central participant is one that more policymakers should probably try. light on personal anecdotes and devoted to substantive judgments.
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