Required to submit an essay on the Fed's monetary policy effectiveness? written and organized, using outside sources with appropriate citation? particularly relating to inflation rates and unemployment levels over the past decade?

Specifically, you should address the following topic questions:

1. How effectively has the Federal Reserve used monetary policy over the past decade to achieve its goals of price stability and maximum employment?

2. What are some of the variables influencing price stability and employment that are largely beyond the Fed's control?

3. Would it be preferable for the Fed to operate with a single mandate of price stability and, if so, what are the implications for achieving full employment?