Indeed, the reality of the last ten years since the Great Recession is
that cutting interest rates to zero and applying quantitative easing
(which has taken the Fed balance sheet to record highs) has done little
or nothing to boost economic growth or the productivity of labour. As
Powell said in his Jackson Hole speech:/“assessments of the potential,
or longer-run, growth rate of the economy have declined. For example,
since January 2012, the median estimate of potential growth from FOMC
participants has fallen from 2.5 percent to 1.8 percent”./ So monetary
policy has failed the productive part of the economy. The prices of
financial assets and property have rocketed, on the other hand.
https://thenextrecession.wordpress.com/2020/08/28/the-fed-in-a-hole/
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