Fed’s Lockhart discusses policy response to crisis


In a speech on May 21, Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, considered the limitations of monetary policy tools and discussed the effectiveness of the US monetary response to the financial crisis.

Speaking at the Institute of Regulation and Risk in Tokyo, Lockhart drew a distinction between the first and second rounds of quantitative easing (QE1 and QE2). "QE1 served to maintain liquidity at a time when financial markets were exceptionally unsettled. In contrast

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