Lev Menand on *The Fed Unbound: Central Banking in a Time of Crisis*
Macro Musings with David Beckworth
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Is the Fed a Macro Economic Stabilization Agent?
The Fed was created to manage the money supply, limited purpose mission of monetary expansion consistent with long run maximal growth. In a zero lower bound situation, we could do some much more effective policy that didn't rely on the monetary authority using its balance sheet in ways that were unexpected and anticipated. I also think the government should be engaged in more industrial policy, more plan n for alleviating supply insufficiencies in certain y areas such as food energy.
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