Tuesday, January 28, 2014

The Only Fed Official Who Changed His Mind And Adopted Monetary Stimulus

Meet the Fed official who changed his mind and adopted monetary stimulus. 
"Narayana R. Kocherlakota, president of the Federal Reserve Bank of Minneapolis, was once a leading opponent of the Federal Reserve's efforts to stimulate the economy. Today, he has emerged as the only senior official arguing publicly that the Fed should do even more...It also represents a sharp break from the Minneapolis Fed's longstanding association with economists who contend that monetary policy lacks the power to reduce unemployment." Binyamin Appelbaum in The New York Times.

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