Question

Which of the statements below correctly relates​ Blinder's findings to the argument that the tradition of a strong chairman in the United States reduces the effectiveness of monetary​ policy?

Answer 1

Answer:

If the chairman of the Federal Reserve is too powerful, and the rest of the board members do not really have a say in monetary policy, then, monetary policy can be less efective because it may be subject to the bad personal judgmenet of the chairman, instead of being pondered by a committee that includes diverging ideas.