They recognize they haven´t done enough and they say they have lots of ammo…
…but still ask for “help”. This from SF Fed president Williams:
The Federal Reserve‘s actions during the past four years have not been enough to deliver a robust recovery so fiscal policy actions are “badly needed,” said a central bank official on Friday.
“What would be especially helpful at this juncture are fiscal policy actions that work in tandem with monetary policy to stimulate the economy,” said John Williams, president of the Federal Reserve Bank of San Francisco, speaking at the Central Bank of Chile in Santiago.
Scott, Ezra Klein posted on twitter the above link. It is a video game from the StL fed in which you manage policy. I have messed around with it a bit and if you ZLB during a recession, it says that the govt has to step in to encourage expansion. Perhaps letting us into minds of Fed people?
Fits perfectly with what John Williams said. Just like policemen every once in a while have to go to the shooting range to practice, maybe Fed officials every once in a while have to be “reindoctrinated”. And they do it through some game playing.