The Fed and fiscal policy by Ben S. Bernanke published by Brookings (1/2017). “As a general matter, Fed policymakers view economic or policy developments through the prism of their economic forecast. Developments that push the forecasted path of the economy away from the Fed’s employment and inflation objectives require a compensationg policy response; other changes do not. Consequently, to assess the appropriate monetary response to a new fiscal program, Fed policymakers first have to evaluate the likely effects of that program on the economy over the next couple of years.”
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