The Most Dangerous Idea in Federal Reserve History: Monetary Policy Doesn't Matter
回顾了美联储百年历史中反复出现的“货币政策无效”信念，指出该信念在1930年代和1970年代导致政策不作为和经济恶化，近期也可能限制了应对高失业和低通胀的政策力度。
Monetary policy-makers' beliefs about how the economy functions are a key determinant of the conduct of policy. That monetary policy has little impact under the prevailing circumstances is a belief which has resurfaced periodically over the Federal Reserve's 100-year history. In both the 1930s and the 1970s a belief in the ineffectiveness of monetary policy led to policy inaction and poor economic outcomes. For some of the recent period, the same view appears to have limited the policy response to prolonged high unemployment in the presence of low inflation.