Eight Heresies of Monetary Policy

1) The Fed has not been holding interest rates down. 2) QE did basically nothing. 3) The Fed is not stoking asset price bubbles. 4) The Fed has little control over real rates 5) The economy is stable 6) Interest rates only temporarily lower inflation. 7) The Phillips curve is dead 8) Long-term fiscal policy, not Fed mistakes, pose the greatest danger to inflation. Slides.

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