The noted economist, who had raised doubts on the Federal Reserve's actions in reviving the economy, said again on Wednesday that the U.S. central bank is "creating chaos" with its rate policies.

He said the central bank has flooded the market with liquidity, but that money isn't flowing into domestic investment in the United States. Banks are using the money to repair still-damaged balance sheets or funneling cash elsewhere in the world looking for better returns on investment, he said.

Stiglitz ruled out the possibility that he would take over Lawrence Summers' role as the head of the National Economic Council. He agreed that the White House, which has been criticized for employing too many academics, needs more business people.

"You need both," he said. "Academics have had time to think about the big problems facing the economy, but business knows the real problems facing the country now."

Appointing someone from the business community as President Barack Obama's chief economic advisor would be a good start, Stiglitz said.

The goal of that job is to act as the gate-keeper for the president, vetting ideas from many different agencies, and the ability to have input from both business and academics is critical, he said.

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