Liberal economists like Brad DeLong and Paul Krugman have been infuriated at the slow pace by which Bernanke has reintroduced quantitative easing. What really infuriates them is that they figure Bernanke — a student of Japan and the Great Depression — ought to know better.After all, he’s the one who talked about helicopter cash drops.
The old Ben may be set to re-emerge. Bernanke’s giving a big speech on Friday on Monetary policy in a low-interest rate environment, and according to WSJ’s Jon Hilsenrath, we might finally get serious comments from him about an aggressive move to expand the Fed balance sheet, or do whatever it takes to create inflation in America.
Combined with yesterday’s FOMC — which hinted at actual targeting of GDP at some point — it seems the Fed is seriously getting ready to pump accelerator.
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