Past success in pursuing this form of policy is mixed at best. Central banks and the long run A Swiss central banker once advised me that the duty of a central banker is to take care of the long run so the short run can take care of itself. In the United States, this simple expression has been codified in its laws.
147–80; Richard Clarida (2015), "The Fed Is Ready to Raise Rates: Will Past Be Prologue?” International Finance, vol. 18 (Spring), pp. 93–107, doi.org/10.1111/1468–2362.12059; Timothy Cogley and Thomas J. Sargent (2002), “Evolving PostWorld War II U.S. Inflation Dynamics,” in Ben S. Bernanke and Kenneth Rogoff, eds., NBER Macroeconomics Annual 2001, vol. 16 (Cambridge, Mass. : MIT Press), pp.