The Bloggers Strike Back

Many of you remember the diatribe passing as an academic paper written by Federal Reserve economist Kartick Athreya.

However, it seems some bloggers are striking back (including here at YAL) as well as the Daily Telegraph‘s Ambrose Evans-Pritchard who had this to say about the Fed:

Central banks were the ultimate authors of the credit crisis since it is they who set the price of credit too low, throwing the whole incentive structure of the capitalist system out of kilter, and more or less forcing banks to chase yield and engage in destructive behaviour.

The full article is here.

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