Too little. And too late for 2010-2016. Hopefully not too late for the next business cycle. I confess I still do not understand why we are only here now. It has been known since the late 1990s by those who cared to think about it—and the Federal Reserve certainly ought to have cared to do so—that it was worth substantial compromises with respect to other goals in order to make sure that your policy excursions to the zero lower bound were rare and short. THIS SHOLD HAVE BEEN HAPPENING TWO DECADES AGO. INDEED, I THOUGHT THIS WAS HAPPENING TWO DECADES AGO: Joseph E. Gagnon and Christopher G. Collins: Changes Are Coming to the Fed's Monetary Policy Strategy | PIIE: "The most likely outcome of the review is that the Fed will commit itself to intentionally overshooting its inflation target after episodes at the zero bound in which it has undershot the target...
#noted
