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korrents.com
Monetary policy operates with long and variable lags, so attempts to fine-tune the economy make things worse.Their words, before
In the 1970s I thought monetary policy operated with long and variable lags, and thus fine-tuning would make things worse.
Their words now
In the 1970s I thought monetary policy operated with long and variable lags, and thus fine-tuning would make things worse.
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quantitative easinginterest rates
Their words, before
Any effective monetary stimulus would be expected to raise long term rates.
Their words now
I predicted that aggressive QE would raise long term interest rates, a view which seemed to be refuted by the response on T-bond yields to the March 2009 Fed QE announcement.
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6 September 2010
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