A "Responsible" Fed Could Hurt the Recovery

Most of the time we want our central bank to be responsible. But sometimesâ??when the economy conks out and the jumper cables donâ??t workâ??the smart thing for a central bank to do is to â??commit to being irresponsible,â? (PDF) in the phrase of Gauti Eggertson, until recently a staff economist at the Federal Reserve Bank of New York.