The World’s Central Banker
Those who fear that the Federal Reserve's monetary approach has greatly deepened the US economy’s malaise have lost the domestic policy argument. But there is another policy argument that needs to be joined, because the Fed's responsibility is global in nature.
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BERKELEY – The US Federal Reserve these days is broadly happy with its monetary policy. But, since mid-2007, its policy has been insufficiently expansionary. The policy most likely to succeed right now would be analogous to that implemented by the Fed in 1979 and 1933, Great Britain in 1931, and Shinzo Abe today.