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 BelongiaEvidence Quote
“with one instrument you can at most pursue one independent objective”
Created: 6/15/2026, 9:37:51 AM
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