Late Night Reading…

● A Vice President in the research division of the Federal Reserve Bank of St. Louis responds to the attacks on the central bank via one rather prominent critic in Congress: Ron Paul’s Money Illusion
● The case for arguing that QE2 worked: Quantitative Easing and America’s Economic Rebound
● Scott Sumner also argues that QE2 succeeded: Feldstein–>Glasner–>Feldstein
● But Mark Thoma thinks it’s too early to say for sure: Long and Variable Lags in Monetary Policy
● Meanwhile, central bankers aren’t completely immune to learning from history: An historical perspective on the Great Recession