The Fed's muddy monetary road

Monetary policy is always explained in metaphors. Some involve plumbing (“tightening the credit spigot”); some, sailing (“headwinds”); some, cars (“tapping the brakes”). And sometimes old metaphors don’t fit new circumstances. Enter Andy Levin, a Dartmouth College economics professor and former adviser to Janet Yellen at the Federal Reserve. He offered a new and (as far as I can tell) original elaboration on the old automotive metaphor at an International Monetary Fund conference last week to explain why the Fed should move ......(read more)

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