Twinkle, Twinkle Little Stars

Is monetary policy in the US (or in any other major, advanced economy for that matter) too restrictive? Somebody, somewhere, asks that question every, single day. "Somebody" includes policymakers and "somewhere" includes the Eccles building in Washington and sundry outposts around the country. What's interesting about this cycle is the (simultaneous) ubiquity of the opposite question: Is monetary policy too loose? That too is a question debated by policymakers in addition to economists and mac

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