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With the Fed’s balance sheet at $3.2 trillion and counting, policy makers might find themselves looking to Economics Professor Scott Sumner’s Nominal GDP policy where less is more.
Economics Professor Scott Sumner comments on the Fed's lack of transparency and strategy on their monetary policy. This story was also picked up by Bloomberg Businessweek.
Bloomberg News: Bentley Professor of Economics Scott Sumner explains the effects of the Smoot-Hawley Tariff act in Depression Fear Mongers Obscure the True Concerns: Amity Shlaes. (July 7, 2010) Story also ran in Economic Times, OC Register, Bloomberg Businessweek, Minneapolis Star Tribune, Business Report, Gulf News, and Delaw