Dean reminds us of
the past.
He has dared, some would say, to suggest that the Federal Reserve should sometimes worry more about creating jobs than cutting inflation a few tenths of a percent. In the words of a friend, Mr. Blinder's comments are like "sticking needles in the eyes of central bankers."
Mr. Blinder has also stirred controversy by chastising European central banks for allowing high unemployment. And he has criticized the view, popular among Fed officials, that central banks are more effective in controlling inflation if they ignore unemployment.
