Two-Handed Stimulus

The policy of coordinated monetary quantitative easing combined with more government deficit spending was what Milton Friedman's teacher Jacob Viner called for during the Great Depression, as Friedman approvingly recounted in *Milton Friedman's Monetary Framework."

Greg Ip reports from Jackson Hole:

Monetary and fiscal stimulus make a potent, if uneasy, combination: THE Federal Reserve Bank of Kansas City’s annual conference in Jackson Hole, Wyoming, is the big event of the year for...