Bill English on the Effectiveness of QE and the Consequences of Fed Losses
Macro Musings with David Beckworth
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The New York Fed and the New York Desk
I don't think we really want a price level target as fully symmetric, because that would mean when you have large negative supply side shocks like we've had past years. And so I think the asymmetric approach has a peel. It was very interesting to try to get a handle on what were the New York Fed people seeing and hearing. The work of the desk and the work of monetary affairs were often overlapping. We wanted to be sure we were communicating so that we weren't duplicating work or generating confusion for the committee.
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