The Fed should have followed the shadows: Poole

The US economy would have performed better during the Great Inflation era if the Federal Reserve had implemented the policy of the Shadow Open Market Committee, new research co-authored by William Poole, a former president of the St Louis Fed, finds.

The Shadow Open Market Committee, formed in 1973 in response to rising inflation and what the paper terms "the apparent unwillingness of US policymakers to implement policies necessary to maintain price stability", favoured gradual adjustment of

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