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Eight Crises That Provided Key Lessons for the Fed

“The central dilemma the Fed had was that it had two incompatible goals, an exchange-rate goal and a domestic financial stability goal, and they never understood that these were in terrible conflict,” says Liaquat Ahamed, the author of  , a history of the period. Today, Ahamed says, the Fed’s dilemma is between the rates needed to spur economic growth and those required to prevent speculative bubbles in financial markets.

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