Congress's dual mandate is impossible because, per Tinbergen's rule, an authority with one instrument can pursue at most one independent objective; the Fed has a single lever (control of reserves) and cannot simultaneously achieve both full employment and price stability.

factualpending

Speaker

Michael Belongia

Evidence Quote

with one instrument you can at most pursue one independent objective

Source

Michael Belongia on the Fed 01/11/2010EconTalk
Created: 6/15/2026, 9:37:51 AM

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