03/14/2012 09:03 am ET

Did The Fed Fight The Stimulus?

Ramesh Ponnuru mounts a really peculiar argument against the stimulus bill: He not only says that it didn’t work to increase employment (I’d note this poll of economists, in which virtually none of them endorse that position, as counterargument), but that it couldn’t have worked because “any added stimulus just causes the Fed to run a more contractionary (or less expansionary) monetary policy, and we end up with roughly the same level of output and employment.”

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