There is no more important policy decision facing the U.S. government than whether it is time to tighten monetary policy after years of economy-rescuing monetary stimulus. This economist look at each and every argument for tightening now and finds them all lacking. The macroeconomic policy debate in Washington has telescoped down to a single question in recent months: when should the Federal Reserve begin raising the conventional short-term interest rates it controls? A substantial chorus of economic observers-including several regional Fed presidents-is loudly arguing that the answer should be sooner rather than later.
展开▼
