A decade after the US Federal Reserve launched one of the boldest policy experiments in the modern history of central banking, economists and policymakers are still debating its implications. To prepare for future crises, five key lessons should be kept in mind.
Stephen S. Roach, former Chairman of Morgan Stanley Asia and the firm's chief economist, is a senior fellow at Yale University's Jackson Institute of Global Affairs and a senior lecturer at Yale's School of Management. He is the author of Unbalanced: The Codependency of America and China.
