When the Fed Stops Trying
One can debate whether there is still a narrow path by which the United States could avoid both secular stagnation and stagflation in the years ahead. But there is good reason to suspect that the US Federal Reserve has stopped bothering even to look for an optimal middle way.
BERKELEY – Soon after the 2020 presidential election, the incoming Biden administration set about mapping out its economic agenda. It took pains to avoid three mistakes.