Economics Prof's Formula Says Fed Rate Still Too High
U.S. Newswire, December, 2007
To: NATIONAL EDITORS
Contact: Michael P. Griffin, director of News & Digital Content Services of Clarkson University, 1-315-268-6716, mgriffin@clarkson.edu.
POTSDAM, N.Y., Dec. 14 /PRNewswire-USNewswire/ -- A Clarkson University School of Business professor says that the new benchmark federal funds rate of 4.25% is much too high to get the optimum levels of employment and gross domestic product that the Federal Reserve is looking for.
Economics Professor H. Sonmez Atesoglu (SONE-mez Ah-TESH-a-loo) published a paper this summer in the Journal of Post Keynesian Economics introducing a new monetary policy rule.
"Based on the equation I developed, the cut in interest rates today was too little," says Atesoglu. "They did the right thing, but they didn't do...
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