If you get a headache, as I do, from the arguments and counter-arguments surrounding the Federal Reserve Board policy known as QE2, you may wish to briefly ponder the lessons of a simpler time – the decade of the 1920s, when the Federal Reserve Board first learned how to moderate the business cycle by buying and selling government securities in the open market.
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When Open Market Operations Were New
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If you get a headache, as I do, from the arguments and counter-arguments surrounding the Federal Reserve Board policy known as QE2, you may wish to briefly ponder the lessons of a simpler time – the decade of the 1920s, when the Federal Reserve Board first learned how to moderate the business cycle by buying and selling government securities in the open market.