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Guest post: A former Fed insider explains the internal debate over QE3

Summary:
In this guest post, Bill Nelson, formerly a deputy director of the Federal Reserve Board’s Division of Monetary Affairs and now the chief economist of The Clearing House, explains how Fed officials thought about the benefits and risks to an open-ended asset purchase programme.Last month, the Federal Reserve released transcripts, presentations, and Tealbooks for the 2012 Federal Open Market Committee meetings. While the Committee made a number of momentous decisions over the course of the year, the discussion around the decision to start the flow-based asset purchase programme (aka “QE3” or “QE infinity”) is required reading for understanding the Fed’s actions over subsequent years.Perhaps most importantly, QE3 forced the Fed to change its plans for normalising its balance sheet.In

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