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The Fed is pursuing mandate-consistent levels for inflation and the unemployment rate. This is as it should be.
As the world recovers from the worst financial crisis in 75 years, policymakers, regulators and academics are focusing intensely on lessons to be learned for monetary policy.
The Fed must break convention to prevent deflation.
Cyclically speaking, current fiscal deficits in fiat currency countries are a blessing, not a curse.
For the last thirty years, the changing relationship between monetary authorities and fiscal authorities has been at the center of economic and financial developments.