Re-Decentralizing the Fed
Financial circles are buzzing about Janet Yellen’s nomination to take over as Chair of the US Federal Reserve. But they are largely ignoring another, more fundamental question: How much discretion should the Fed be given to conduct daring monetary-policy experiments like the vast quantitative easing of the last five years?
https://prosyn.org/yizb6kM
BOSTON – Financial circles are buzzing about Janet Yellen’s nomination to succeed Ben Bernanke as Chair of the US Federal Reserve. But they are largely ignoring another, much more fundamental question: How much discretion should the Fed – indeed, any central bank – be given to conduct daring monetary-policy experiments like the vast quantitative easing conducted by Bernanke’s Fed over the last five years?