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Article By Reuven Brenner听

Now, as during World War II and up to 1951, the US Federal Reserve practiced what is now called quantitative easing (QE). Then, as now, nominal interest rates were low and the real ones negative: The Fed鈥檚 policy did not so much induce investments as it allowed the government to accumulate debts, and prevent default.听

...听Reuven Brenner听holds the Repap Chair at 海角社区鈥檚 Desautels Faculty of Management. The article draws on his听Force of Finance听(2002).听

Read full article: , October 17, 2014