interest rate amp monetary policy steering monetary policy through unprecedented crises

Economic policy decisions are much easier to make in retrospect than in prospect. They’re also much easier to make if all the evidence points in one direction. Unfortunately, the available information and data often are ambiguous, contradictory and point in different directions. In early 2008 the U.S. and European officials clearly were viewing much the same information but came to different policy conclusions. Some have described this as “viewing the same mountain but from different lookout points.” Please draft a short essay (3-4 pages perhaps) discussing the different emphasis which the policymakers placed on the available information and the historical and structural perspectives from which they viewed this information to arrive at the decisions that they made.

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