Last month, in what will presumably be one of his last public speeches before he retires this June, New York Fed President William Dudley defended the Fed's current "floor" system of monetary control against the alternative of a corridor arrangement. Because Dudley's is one of the more…
No, I don't mean sections 8 and 10 of the Constitution's first article — though goodness knows a case can be made (and has been made recently, and most eloquently, by CMFA Adjunct Scholar Dick Timberlake), that it hasn't adhered to the letter of that law, either. I'm…
I chose my title carefully. I will focus on what is possible for the U.S. central bank to achieve rather than what they might want to accomplish or may attempt to effect. I examine three possible senses in which the Federal Reserve could not raise interest rates,…