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3) In his speech Monetary Policy and the Dual Mandate, Frederic Mishkin states: ...the level of maximum sustainable employment is not something that can be

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3) In his speech Monetary Policy and the Dual Mandate, Frederic Mishkin states: "...the level of maximum sustainable employment is not something that can be chosen by the Federal Reserve because no central bank can control the level of real economic activity or employment over the longer run." What is the reasoning behind this statement? Does it imply that the Federal Reserve has no ability to boost the economy in times of recession

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