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Avoiding Optimism Might Be the Medicine the Fed Needs
Teaser: Federal Reserve Vice–Chairman Stanley Fischer’s speech at the 2015 U.S. Monetary Policy Forum in New York centered on the Fed’s asset purchase program and future policy normalization based on...
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Dysfunctional Congress Takes Aim at the Fed
Teaser: Anyone expecting the mild-mannered Federal Reserve Chairman to be treated with kid gloves at her semi-annual congressional testimony last week was mistaken. On the Senate side, Massachusetts...
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Independence, Accountability, and Transparency: Three Keywords for the Fed
Teaser: Monetary policymakers always face tradeoffs, and today provides no exception. By holding interest rates lower, for longer, Federal Reserve officials might temporarily strengthen the economy,...
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Rules for the Fed to Live By
Teaser: Should the Federal Reserve conduct monetary policy using a monetary policy rule? This question, a classic one in economics, was raised again during Chair Janet Yellen’s recent Congressional...
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Economic Performance: Sound Cyclically but Longer–Run Concerns
Teaser: Economic growth since the deep recession of 2008-2009 has been modest but balanced, and momentum is now building. The outlook for sustained cyclical growth is favorable. So far this...
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U.S. Inflation Is Not Too Low
Teaser: The Federal Reserve is preparing to normalize monetary policy and has plans to raise its policy rate from zero in the very near future. Economic conditions have improved markedly in the past...
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Shadow Open Market Committee Statement: Rules-Based Guidelines for Monetary...
Teaser: The economy is growing, labor markets have improved dramatically, and inflation is forecast to return to two percent over the intermediate term. However, the Fed still expresses extreme caution...
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The Fed Should Fix the Interest on Reserves Floor
Teaser: The Federal Reserve should fix the interest on reserves floor for the federal funds rate to facilitate the normalization of interest rate policy without interfering in financial markets....
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A Better Strategy for the Fed
Teaser: The economy is growing, labor markets have improved dramatically, and inflation is forecast to return to two percent over the intermediate term. However, the Fed still expresses extreme caution...
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Put The Squeeze On Operation Choke Point
Teaser: A controversial (and secretive) government program known as Operation Choke Point is finally receiving the negative attention that it deserves. Operation Choke Point flies in the face of the...
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Jobs Data Show that Fed Should Monitor Money
Teaser: The March employment report brought to a close a disappointing quarter for the U.S. economy. With only 126,000 new jobs created last month, gains since January totaled 591,000. That’s a...
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Regulation's Stranglehold On Millennials' Futures
Teaser: Millennials are inheriting a bleak fiscal future. How can we change Washington’s direction in order to paint a brighter future for America’s next generation? Perhaps the easiest way to begin...
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Old Money: How the Fed’s Actions Harm Millennials
Teaser: In monetary policy, Washington is playing favorites and the young are the losers. They do not benefit from the decline in mortgage rates because they cannot afford home ownership. While some...
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The QE Trap
Teaser: QE cannot solve the main problems of the eurozone.This article originally appeared in IntereconomicsQuantitative easing (QE) is the latest central bank fad. After years of QE by the US Federal...
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The Dangers of Data-Dependent Monetary Policy
Teaser: There are some genuine risks to policies that place too much emphasis on each and every piece of incoming data, risks that Fed policymakers should recognize when following their data-driven...
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Why Millennials Should Pay Attention to Monetary Policy
Teaser: The Federal Reserve is responsible for the economic well-being of the United States. Yet, if existing monetary policies are burdening the Millennial generation, how can America ever expect to...
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Less Fedspeak, Please!
Over the next several weeks, economists, journalists, and financial market participants will carefully scrutinize every word from every speech given by every Federal Reserve Governor and Reserve Bank...
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Twenty-Five Basis Points That Could Shake the World
Teaser: If I were a Fed official, I would give greater weight to the markets' consensus forecast than to the predictions of an econometric model.Never has so much been said by so many about so...
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Challenging the Fed in Jackson Hole
Teaser: As the stock market waited anxiously through the Federal Reserve’s Jackson Hole Summit this weekend for clues to future monetary actions, another conference was held just miles away. The...
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Confusion and Contradiction at the Fed
Teaser: The Fed's attempts at “forward guidance” appear to have confused consumers and businesses more often than they enhanced their ability to make informed decisions. Rather than describe the...
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