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

I don’t think that’s right. I think the thrust of the elementary approach to quantitative easing is the old Milton Friedman idea—that changing the composition of money and other assets changes relative returns. So it’s a way to bring down returns on other assets and create stimulus even if the policy rate is down to zero.

Keyboard shortcuts

j previous speech k next speech