The Federal Reserve today is confronted with increasingly stark policy choices. The build-up of financial imbalances over the past decade, in particular excessive debts and inflated real estate prices, are likely to constrain monetary policy for some time. In this environment, the Fed has little choice but to engineer reflationary policies in order to avoid the much harsher consequences associated with a sharp unwinding of these imbalances.
Beyond this, it is likely that a substantial and potent
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