12/23に紹介したコラムに続き、Mark Thomaがmoneywatchで再び金融政策の限界を問うている。 Prior to the recent crash of financial markets, there was a widespread belief that monetary policy was all that was needed to stabilize the economy. By following some version of a Taylor rule (i.e. linking the target federal funds rate to inflation and output), the economy can be kept on a relatively smooth, high growth path. It was all very