The Bernank has a WSJ op-ed titled How the Fed saved the Economy where he appears to say the Fed has done a good job managing the unemployment rate!
He’s totally right to take a victory lap on the inflation hawks, but it’s borderline delusional to say the Fed CAN manage the labor market and that they’ve done a good job at it. Is he taking “credit” for the decline in participation rates?
“better than Europe” does not equal “Fed has the power to manage the labor market and has been effective in doing so.”
Disappointing piece from someone who I felt was an excellent Fed Chair. He gets credit for bold action when things looked darkest. He gets credit for ignoring the inflationistas.
But the labor market is just a bridge too far.