What Does the Federal Reserve Think that It Is Doing Right Now?

David Leonhardt:

The Caution of the Fed Comes With a Risk: Ben Bernanke believes that he and his Federal Reserve colleagues have the ability to lift economic growth.... Mr. Bernanke also believes that the economy is growing “not fast enough”... that unemployment will remain high for years and that “a lot of people are going to be under financial stress.” Yet he has been unwilling to use his power to lift growth and reduce joblessness.... How can this be? How can Mr. Bernanke...