Even if the expansionary monetary policy of the Fed leads to a strong recovery from the recession of 2008-2009,

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Time lags between changes in monetary policy and when the changes exert an impact will make it difficult to promote long-term economic stability. While expansionary monetary policy may lead to short-term recovery, it may not address the root causes of the recession and can potentially lead to inflation or asset bubbles in the long run. The Japanese experience also suggests that prolonged periods of expansionary monetary policy may not lead to sustained economic growth. Therefore, it can be challenging to achieve long-term economic stability through expansionary monetary policy alone.

Even If the Expansionary Monetary Policy of the Fed Leads