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It's Time to Rein In the Fed


  • Scott Fullwiler
  • L. Randall Wray


Scott 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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  • Scott Fullwiler & L. Randall Wray, 2011. "It's Time to Rein In the Fed," Economics Public Policy Brief Archive ppb_117, Levy Economics Institute.
  • Handle: RePEc:lev:levppb:ppb_117

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    1. Sloan, Frank A & Norton, Edward C, 1997. "Adverse Selection, Bequests, Crowding Out, and Private Demand for Insurance: Evidence from the Long-Term Care Insurance Market," Journal of Risk and Uncertainty, Springer, vol. 15(3), pages 201-219, December.
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