Should rate policy note Wall Street's influence?
Reflecting on the Federal Reserve's recent decisions, Stephen Cecchetti, the Rosenberg professor of global finance at the Brandeis International Business School, asks whether it is wise to separate actions to ensure financial stability from those to aid the economy at large.
In a speech made on Tuesday, Charles Plosser, the president of the Philadelphia Federal Reserve, is clear that he feels Fed policy can separate the objectives of financial stability and macroeconomic stabilisation.
"We must
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