The former vice chairman of the Federal Reserve, who retired last week after 40 years at the central bank, says that the economy is in "a slow slog out of a very deep hole," and that the Fed should consider additional stimulus unless the recovery shows signs of "decent progress."
The departure of the official, Donald L. Kohn, who as the Fed's No. 2 official played a pivotal role in its handling of the financial crisis, is something of an end of an era. A staff economist who worked his way up through the ranks, Mr. Kohn was one of the last direct links to Paul A. Volcker and Alan Greenspan, the chairmen who defined the modern Fed.
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