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

In both cases. But the question is whether it is viewed in the context of what is happening to output and inflation, whether they say, “Yes, that fits with the historical pattern of stabilization,” or whether, because the recession didn’t emerge, this looks as though it was after the fact an ease in policy that was not warranted. Then the question is, Do you take it away quickly, or do you take it away slowly?

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