Fed could have done more: CEPR paper
The Federal Reserve's interest rate decisions in the financial crisis went in the right direction but not far enough argues Ricardo Reis, a professor at Columbia University, in a paper published in January by the Centre for Economic Policy Research (CEPR).
The paper, which deconstructs the Fed's extraordinary monetary policy moves on interest rates, asset purchases and credit allocation, compares the central bank's decisions on each to the prescription of economic theory.
Slashing the benchmark
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