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The Fed Should Consider a New Playbook

Does the economy need more Fed support? If the objective is creating jobs, the recent ineffectiveness of monetary policy is at issue.

By Dr. Sam Chandan | Updated on April 01, 2014

New leadership at the Fed invites questions about the efficacy of its interventions up to now and the possibility of a change in direction going forward. Throughout the financial crisis and well into the mediocre recovery that has followed, the Fed has exerted its full powers to bolster the real economy. Alongside investor risk-aversion, forward guidance on short-term rates and asset purchases have contributed to low yields on Treasuries. Whether these low yields have translated into much better real economic outcomes – or just lifted asset values – is not firmly established.

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