Why Isn't the Fed Doing its Job?
In addressing the economic and financial fallout of the COVID-19 pandemic, the US Federal Reserve has not only failed to ensure price stability, but has also doubled down on the misguided approach of the post-2008 era. The result is a financial system oriented around dangerously misaligned incentives.
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STANFORD – The nomination of new members to the US Federal Reserve Board offers an opportunity for Americans – and Congress – to reflect on the world’s most important central bank and where it is going.