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Following a lengthy review, the FOMC recently revised its long-run monetary policy strategy statement, largely in recognition of the persistent threat the effective lower bound (ELB) on policy rates poses to its dual mandate goals. Under traditional monetary policy strategies, the ELB imparts a...
If countries are not ready for democracy until they have a well-developed civil society, which can take many years to develop, then we need to identify its essential elements, so that their development can be directly encouraged in new democracies. It is argued here that autonomously elected...
It is easy to become dispirited. Despite my concern about the near-term outlook, advising business leaders requires that I look past the pandemic. Akcigit and Ates argue that greater concentration among firms and a slowdown in business dynamism is the cause of a myriad of factors that slow...
Paul Volcker was a model public servant, not only his service as Fed Chair, but also in his work on international economic policy at the Treasury, and in his service in many other realms. Three distinguished persons—Sheila Bair, Donald Kohn, and John Taylor—provide their memories of Volcker and...
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