Appeared in: Volume 7, Number 5
Published on: April 10, 2012
Underwater Recession

The Fed’s post-September 2008 monetary policy hasn’t worked as usual to stimulate a recovery. The reason lies in the unprecedented depths of the housing collapse. Conclusion: The United States must export its way to robust growth, as other countries have done.

Joy A. Buchanan is a Mercatus Graduate Fellow at George Mason University. Steven Gjerstad is a presidential fellow at Chapman University in Orange, California. Vernon L. Smith is the George Argyros Professor of Economics and Finance at Chapman University and the winner of the 2002 Nobel Memorial Prize in Economic Sciences.

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