- Without adjusting for harm done economy by crisis.
- Economies tend to grow more slowly after financial crisis, seems to be case for U.S.
- Pre-2007 U.S. growth was artificially high due to housing bubble, but has been slowed since 2009 by leveraging.
- Best thing for Fed to do is target the inflation level; Fed policy since 2008 seems ‘close to optimal’.
- Fed can only control the inflation level over the medium and longer term, and levels seem to be right on track.
- Says U.S. growth may be reduced for many years.
- Would have voted against QE3,preferred more evidence-MNI
Not sure if that’s going to be it, but will update if he says anything else. -MNI
