144 – Peter Stella on Debt, Safe Assets, and Central Bank Operations
Macro Musings with David Beckworth
00:00
Plumbing and the Operational Details of the Crisis
Before he was head of the central banking division, you learned from people how monetary policy is executed. The FOMC says raised interest rates by 25 basis points. Well, how does that happen? Well, somebody in New York does something. And that's a common problem in many central banks around the world: policymakers decide something based on their models and then they have to make it happen.
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