Romer wants QE#

Christina Romer calls for an open ended asset purchase programme, and the replacement of the fed’s low rate until 2014 commitment with rules that spell out what economic conditions might catalyze a change in policy (she nominates unemployment below 7% or inflation that exceeds 3%yoy).

The academic consensus is pushing hard for more monetary easing — with Ben headed back into their ranks at the end of this term (late 2013) i suspect that the academic chorus will have an increasing impact on the course of policy.

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