Rajan, Krugman clash over Fed policy
Raghuram Rajan, a former IMF chief economist, on Thursday hit back at criticism of his call for the Federal Reserve to raise its benchmark rate, made earlier in the week by Paul Krugman, a Nobel Prize winner in economics.
In an opinion column for the New York Times, a newspaper, Rajan wrote:"[I] would like to get out of this recession in a way that is sustainable and does not merely pump up growth in the short-term only to see it collapse later." The Fed has a target of between 0% and 0.25% for
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