Clark Johnson has written an article (here for smaller file size) that does a fabulous job addressing the six common myths about U.S. monetary policy since 2008. It is accessible but informed and should be required reading for anyone thinking about U.S. monetary policy. I am adding it to my required reading list for my money and banking class. It is really that good.
Here are the six myths Johnson addresses:
Myth 1: The Federal Reserve has followed a highly expansionary monetary policy since August, 2008.
Myth 2: Recoveries from recessions triggered by financial crises are necessarily low.
Myth 3: Monetary policy becomes ineffective when short-term interest rates fall close to zero.
Myth 4: The greater the indebtedness incurred during growth years, the larger the subsequent need for debt reduction and the greater the downturn.
Myth 5: When money policy breaks down there is a plausible case for a fiscal response.
Myth 6: The rising prices of food and other commodities are evidence of expansionary policy and inflationary pressure.