As certain as ill-timed or ill-considered policy is to blame, so too is the delayed effects of the Great Recession. Most everyone at this conference believes that something more than labor market problems and bad policy is at work, and that is where the controversy over Fed policy lies. With $4 trillion in asset purchases and abysmal labor markets, we are all worried. Despite what you may hear, among people who have spent a lifetime studying these matters there are no obvious or easy solutions to our problems.
Michael J. Hicks, Ph.D., is director of the Center for Business and Economic Research and a professor of economics at Ball State University. Contact him a firstname.lastname@example.org.