Words of wisdom from Jim Hamilton
In a very nice post at Econbrowser, Jim describes Fed actions over the last 5 years and ends with this:
"My view is that the Fed never had the power, and lacks the power today, to solve our primary economic problems. However I believe it did have the power, and successfully exercised the power, to prevent our problems from becoming even worse."
That, in my view, is pretty much exactly right.
Labels: monetary policy