Earlier this week, the Federal Reserve clarified its role as a guardian of financial stability in an attempt to avoid taking what one regional Fed president has labelled "risky" fiscal actions. For Marvin Goodfriend, a former economist at the Richmond Fed now a professor a Carnegie Mellon University who originally proposed such a clarification back in 1993, the move is welcome. But, he tells CentralBanking.com, it does not go far enough.
Back in 1993, the use of the Fed's balance sheet to acquir
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