In the January issue of Economic Outlook, John H. Makin says that the Federal Reserve made history by making a highly unusual commitment to fight deflation.

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In Rethinking Federal Housing Policy: How to Make Housing Plentiful and Affordable, Edward L. Glaeser and Joseph Gyourko explain why housing is so expensive in some areas and outline a plan for making it more affordable. They propose a comprehensive overhaul of federal housing policy that takes into account local regulations and economic conditions.

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