Saving the economy, 25 basis points at a time

By R.W. Hafer
    Milton Friedman must be rolling in his grave. Friedman, who died in 2006, is widely regarded as the father of modern monetary economics. Among other suggestions, he called upon policymakers to stop trying to manipulate short-run fluctuations in the economy by adjusting the Federal funds rate. Instead, they should focus on longer-term problems, like inflation.

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