That leaves monetary policy as the only policy tool left for promoting and maintaining full employment. While I would have liked the Fed to be much more aggressive to this point (and for it to have left its target interest rate unchanged in December), to date the Fed has done a pretty good job of promoting its employment goals. The real test is ahead.
But, but...
This chart, from Mark, shows rising inequality. Has QE caused more inequality? The evidence suggests yes. Why would Mark advocate continued policies that make inequality worse? Is Mark pursuing the secret pension stuffing proposal?
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