Washington Post (09/21/12) Zachary A. Goldfarb
Some U.S. Federal Reserve officials are making the case that the Fed should state that it wants to cut unemployment to a certain level prior to withdrawing the stimulus it has infused into the economy over the past few years. Yesterday, Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis, suggested that the Fed publicly state it will continue to stimulate the economy until the unemployment rate declines to 5.5% or inflation surpasses 2.25%. Making such a public statement would help ease concerns consumers and companies may have about just when the central bank will withdraw its stimulus measures. Without that reassurance consumers and companies may hold back their borrowing and spending.
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