Erwin Rosen

This article reviews the Fed’s performance with particular emphasis on its contribution to the 2008 crisis and then suggests an alternative policy which, had it been in place would have dampened the most recent boom and bust.

Just before the beginning of the crisis, work produced by a variety of leading economists was very positive on the state of macroeconomics; it concluded that the field had made big advances in the last decades. A sample of their comments is offered below.