Andrew Levin on the Costs and Benefits of QE4 and the Future of the Fed’s Balance Sheet
Macro Musings with David Beckworth
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Qe4
There was a huge fiscal stimulus this time around, much, much bigger than the fiscal stimulus during the Great Recession. It's not clear still how the Federal Reserve adjusted and adapted its motto stimulus to reflect the fiscal stimulus. I can see how the argument that Don Cones made in his working speech is very relevant for thinking back to QE2 and QE3,. But I just don't see that case for QE4.
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