Why the Fed Should Not Raise Interest Rates

New column:

Why the Fed Should Not Raise Interest Rates, by Mark Thoma: The Fed’s target interest rate has been at the zero lower bound since December of 2008, and Fed watchers are trying to predict when the Fed will begin reversing this policy. The consensus appears to be that the Fed will begin raising the target rate at the beginning of next year, but many economists believe the policy reversal should have already started. There are four main justifications for the call to raise interest rates sooner rather than later, all of which are misguided...