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Joseph Wang & William White: Mammoth Interest Rate Hikes Are Causing Trouble In Sovereign Debt
Forward Guidance
Is the Federal Reserve Making a Mistake?
In the early 2000s, Alan Greenspan held interest rates close to 1%. That created a debt trap going further into the drop trap fostering a bubble in subprime real estate and structured products. Do you have as stern of a critique for central bankers now or do you think that the level of interest rates right now is is roughly appropriate? In other words, it sounds like if you were the chair of the Federal Reserve in 2003, you would have been lobbying for higher rates.
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