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Phil Gramm and Mike Solon: Why the Fed May Not Duck Inflation This Time

Banks’ excess reserves limited the money supply after 2008, but looser rules today might give way. Is there any limit to the power Congress is willing to give to the Federal Reserve? Since 2008 lawmakers have granted the Fed the ability to pay interest on excess reserves, which allows it to buy vast quantities of government and private

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Posted: May 28, 2020 Thursday 07:08 PM