The role of monetary policy in mitigating the effects of the Great Recession

Currency exchange rates are reflected in a window in Kiev October 22, 2008. Prime Minister Yulia Tymoshenko said on Wednesday she hoped Ukraine would receive "substantial" international financial aid next week and set out measures aimed at shielding the country from what she called "stagnation". REUTERS/Konstantin Chernichkin (UKRAINE) - GM1E4AM1OM501

Fed policies would have been more effective if interest rates and inflation had been higher pre-recession. Image: REUTERS/Konstantin Chernichkin

Laurent Belsie
Economics Editor, The Christian Science Monitor
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