Raghuram Rajan, a professor at the University of Chicago's Booth School of Business, has warned against seeing Federal Reserve policy as a cure-all for the United States' economic ills.
Rajan, who was formerly the chief economist at the IMF, also cautioned against economists' overly "mechanistic" view of the economy for the purposes of setting interest rates.
The Fed has come under pressure to alleviate high unemployment in the United States, which now stands 9.6% and which has hovered around do
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