Monetary policy not responsible for land price bubbles: Minneapolis Fed’s Kocherlakota
Narayana Kocherlakota, the president of the Minneapolis Federal Reserve, on Thursday said there was no empirical evidence to link the emergence of land price bubbles in the US since 2001 to the Federal Reserve's low interest rate policy in recent years.
At the University of Minnesota, Kocherlakota said: "At present, there is little or no economic theory to support a connection between monetary policy, as typically conducted in the United States, and [land price] bubble formation."
To support his
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