McKinnon says Fed must raise rates to stimulate growth and employment

Ronald Mckinnon

Ronald McKinnon, professor of international economics at Stanford University and a pioneer of the study of financial repression, has argued for a return to positive real interest rates in the US and elsewhere to free those economies from a 'trap' that is killing lending to small and medium-sized enterprises.

In a new piece for Central Banking Journal, published today on, McKinnon says the Federal Reserve's accommodative monetary policy, in pursuit of a 6.5% unemployment target

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