It's Time to Rein In the Fed
AbstractScott Fullwiler and Senior Scholar L. Randall Wray review the roles of the Federal Reserve and the Treasury in the context of quantitative easing, and find that the financial crisis has highlighted the limited oversight of Congress and the limited transparency of the Fed. And since a Fed promise is ultimately a Treasury promise that carries the full faith and credit of the US government, the question is whether the Fed should be able to commit the public purse in times of national crisis.
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Bibliographic InfoPaper provided by Levy Economics Institute in its series Economics Public Policy Brief Archive with number ppb_117.
Date of creation: Apr 2011
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Other versions of this item:
- NEP-ALL-2011-04-16 (All new papers)
- NEP-CBA-2011-04-16 (Central Banking)
- NEP-MAC-2011-04-16 (Macroeconomics)
- NEP-MON-2011-04-16 (Monetary Economics)
- NEP-PKE-2011-04-16 (Post Keynesian Economics)
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