• Julio J. Rotemberg


Shifts in U.S. Federal Reserve Goals and Tactics for Monetary Policy: A Role for Penitence? Julio J. Rotemberg, Fall 2013, Paper. "This paper considers some of the large changes in the Federal Reserve's approach to monetary policy. It shows that, in some important cases, critics who were successful in arguing that past Fed approaches were responsible for mistakes that caused harm succeeded in making the Fed averse to these approaches. This can explain why the Fed stopped basing monetary policy on the quality of new bank loans, why it stopped being willing to cause recessions to deal with inflation, and..." Link