Kevin Warsh, Don Kohn on QE and inequality

The Hutchins Center on Fiscal & Monetary Policy recently posed a question that has been generating substantial public attention: Did the Federal Reserve’s quantitative easing contribute to the growing inequality in the U.S.?

In addition to commissioning three papers, we convened a panel that included two former Federal Reserve governors, our own Donald Kohn and Kevin Warsh of Stanford’s Hoover Institution.

Here’s how Mr. Warsh, who once called QE “reverse Robin Hood” because he thinks he favored those with more assets, said the Fed should be concerned with the distributional consequences of its policies: