In the wake of the SCOTUS decision regarding Chevron deference, I investigate this issue. Here is a summary of academic research on Supreme Court views on these topics, separate from whether fiat money as currently established in the United States as unconstitutional (e.g., see here). I also defer discussion on whether the Federal Reserve is constitutional.

On price stability: [null set] On full employment: [null set]

However, we can infer from recent experience that members of SCOTUS as currently composed will determine with care the proper definitions for price stability and full employment, as exemplified by Justice Gorsuch’s acute understanding of the financial regulatory framework in noting the role of the “Security and Exchange Commission”, and the environmental implications of pollutants, including “nitrous oxide” [Forbes].

Since Justice Gorsuch has declared himself (as have others) as textualists, it suggests to me that if he were to be internally consistent

Keep reading this article on Econbrowser Blog - James Hamilton & Menzie Chinn.

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