Glenn Hubbard Refuses to Consider the Economists' Solution to Groupthink

Glenn Hubbard and Justin Muzinich had an interesting piece in the Post today discussing whether the Fed's mandate should be explicitly broadened to include preserving financial stability. While I am inclined to agree with Fed governor Jeremy Stein, that attacking bubbles is already implicit in the Fed's goal of maintaining full employment, the more interesting issue is Hubbard and Muzinch's shyness in dealing with the problem of groupthink at the Fed and among other economic policymakers.

The...