Bringing Credibility Back to Macroeconomic Policy Frameworks, Stephen Anthony and Hamid Yahyaei, April 2021

In this draft journal article, Stephen Anthony and Hamid Yahyaei argue that the lessons of the post-Global Financial Crisis period are that Quantitative Easing (QE) policies embolden central bankers, excuse political myopia, and enrich major financial institutions. They suggest that reversing the QE predicament requires robustness and neutrality in macroeconomic policy settings.