The president of the Federal Reserve Bank of Minneapolis, Narayana Kocherlakota, said today that the Federal Open Market Committee (FOMC) will have to live with a "considerable period" of financial instability as the price of meeting the targets of its dual unemployment-price stability mandate.
Speaking at the 22nd Annual Hyman P Minsky Conference, held at the Levy Economics Institute of Bard College, New York, Kocherlakota said the "unusually low" interest rates that he advocates are likely to
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