Almost three years ago she said in “The Fed Drives Best at Higher Speeds”:
…WHEN monetary policy makers meet again at the end of this month, in December, they should keep these historical lessons in mind. At the very least, the Cassandras on the committee might want to reread the policy record from the 1930s. The degree to which some of them sound like their Depression-era counterparts might shock them — and give them pause…
… The important thing is that hypothetical fears shouldn’t stop the Fed’s evolution. History is on the side of doing more, not standing on the sidelines.
And, I might add, at higher altitude.
