George Selgin has an excellent post, which looks back 10 years at key mistakes made by the Fed in 2008. He rightly emphasizes the excessive focus on inflation, as well as the unwise decision to begin paying interest on reserves in October 2008. He also alludes to the problem of the recognition lag: Yet April 30th 2008 was no less critical a turning point in the recession's history than these other dates, for it was then that the FOMC, having cut the Fed's target interest rate to 2 percent, resolved to cut it no further -- drawing a line in the sand by which it unwittingly helped seal the fate of the US, and world, economy. At the time neither Fed officials nor anyone else knew that a recession had
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