Feldstein, Martin - In: Journal of Economic Literature 48 (2010) 1, pp. 134-145
should not replace the central role of the Federal Reserve. (3) The virtually unlimited lending powers that the Fed has …In this essay, I explain my reasons for the following policy recommendations: (1) The Fed should continue to manage … formal Treasury approval backed by Congressional preauthorization of funds. (4) The Fed's capital rules for commercial banks …