Submit a 1000 word (maximum) essay that addresses the following questions:
- Describe the institutional setup of the Federal Reserve and the role the politics plays in monetary policy.
- What is meant by the term “dual mandate” and how does the dual mandate impact the Fed’s decisions with regard to guiding the economy?
- What tools does the Fed use to guide the economy?
- What role did Bernanke, as chairman of the Federal Reserve, play in the economic recovery?
- Why were his actions questioned by conservatives? By liberals?