Markets & The Economy

The seal of the United States Federal Reserve Board on the side of a building
Markets & The Economy

When Monetary Policy Is Asked to Do Too Much

January 28, 20267 min read
In the wake of the turmoil surrounding the U.S. Federal Reserve, Wharton’s Patrick T. Harker, former president and CEO of the Federal Reserve Bank of Philadelphia, explains why monetary policy cannot substitute for sustainable fiscal policy.