PHOENIX, Ariz. -- A member of the President Obama’s Council of Economic Advisers as the mortgage-led global credit crisis erupted says that the last big weapon in the Federal Reserve Board’s arsenal to create strong growth is to avoid “tinkering around the edges” of the economy and aggressively reset expectations.
The Federal Reserve should set a “nominal target” for growth in the nation’s gross domestic product that is well above its current low rate for coming out of a recession, said Christina Romer, now an economics professor at the University Of California, Berkeley.
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