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What does it mean to say “The Fed did too much”?

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[unable to retrieve full-text content](December 5, 2017 04:37 PM, by Scott Sumner) MRU has a video entitled "When the Fed Does Too Much". That led me to wonder, "too much what"? Too much discretion? Too much regulation? Too expansionary a policy? So I decided to watch the video. By conventional standards the... (2 COMMENTS)

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(December 5, 2017 04:37 PM, by Scott Sumner) MRU has a video entitled "When the Fed Does Too Much". That led me to wonder, "too much what"? Too much discretion? Too much regulation? Too expansionary a policy? So I decided to watch the video. By conventional standards the... (2 COMMENTS)
Scott Sumner
Scott B. Sumner is Research Fellow at the Independent Institute, the Director of the Program on Monetary Policy at the Mercatus Center at George Mason University and an economist who teaches at Bentley University in Waltham, Massachusetts. His economics blog, The Money Illusion, popularized the idea of nominal GDP targeting, which says that the Fed should target nominal GDP—i.e., real GDP growth plus the rate of inflation—to better "induce the correct level of business investment". In May 2012, Chicago Fed President Charles L. Evans became the first sitting member of the Federal Open Market Committee (FOMC) to endorse the idea.

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