Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

In light of our discussion of “use of” in this balance sheet quantitative, I was going to point out that President Plosser’s suggestion about a specific number for an upper bound on the size of our balance sheet would remedy the problem that we were discussing there. In addition, it would greatly alleviate the deep discomfort I and perhaps others may have about our governance practices and the extent to which they’re publicly known. I would also emphasize that there are two theories about the effect of our balance sheet and that this is written from the credit- spreads point of view, and it would be useful to encompass both.

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