Stanford's Taylor warns of balance-sheet threat

John Taylor, a former Federal Reserve economist now a professor at Stanford, has told lawmakers that the expansion of the Fed's balance sheet risks exacerbating inflation.

In testimony on 26 February before the Committee on Financial Services in the US House of Representatives, Taylor examined the "extraordinary" increase in reserve balances at the Fed, beginning in mid-September 2008. He continued by describing the effects of reducing the interest rate target to zero, on the quantity of money.


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