Tomorrow Fed officials vote. It's a biggie. They'll likely say it's time to support the recovery a bit less. It's then up to Jolly Old Jay to explain why and assure us the Fed ain't going Grinch.
Summers' was a political view about how he thinks the Fed sill behave in the future. Nothing to do with economics.
Taylor is superseded (assuming it really is) by a Fed policy that does not target ST rates at all, but average inflation.
Summers' was a political view about how he thinks the Fed sill behave in the future. Nothing to do with economics.
Taylor is superseded (assuming it really is) by a Fed policy that does not target ST rates at all, but average inflation.