Cutting rates to 0 and QE are good moves but there's still more the Fed can and should do. bloomberg.com/opinion/articl…
Adopting level targeting and zeroing out IOER would top my list.
I think the Scott Sumner point I highlight here is insufficiently appreciated. nationalreview.com/corner/more-on…
Level targeting (ideally of spending) has to be accompanied by some kind of signal that the target is going to be taken more seriously than the 2% inflation target has been.
Raising rates while you're below target as in 2015-2018, for example, is not taking it seriously.
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