The US Federal Reserve should make it "very clear" that it is trying to create "moderate inflation", says Harvard economist Kenneth Rogoff.
"Out-of-the-box policies are called for, especially much more aggressive monetary policy," the former Fed economist said Monday.
"In the classic classroom QE, it's open-ended...you say, 'I'm trying to create inflation...and I’m going to do whatever it takes.'"
Oh boy! Helicopter pilots will all be employed, anyway.
Rogoff Says Fed Will Embark on QE3, Act ‘Decisively' on Economy - BusinessWeek