I am astounded this paper was allowed to be published...not so much because its conclusion happens to be true, but that it dares to disagree with much of current economic canon belief. Is a truth-seeking compass finally percolating within the institutional structure of the Fed? I doubt it, but this is a very welcome development.
...reducing interest rates modestly from their already historically low levels is unlikely to stimulate aggregate demand: Little effect on aggregate demand implies a corresponding small effect on output
and, hence, employment.
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