A third round of bond purchases by the Federal Reserve would do little to spur U.S. economic growth, according to Glenn Hubbard, adviser to Republican presidential candidate Mitt Romney.

“I don’t think QE3 would be very effective at all,” Hubbard, dean of Columbia University’s business school, said today in a Bloomberg Television interview, referring to a third round of quantitative easing. “It would push the yield on 10- year Treasury instruments down a little bit, but that’s not what’s holding the American economy back,” he told Trish Regan on “Street Smart.”

Fed officials said they’re prepared to provide new stimulus “fairly soon” unless they’re convinced economy will grow at a steady pace, according to minutes of the Federal Open Market Committee’s July 31-Aug. 1 meeting. The policy makers are next scheduled to meet Sept. 12-13.

Romney believes “we’re asking too much of the Fed” to bolster the economy, Hubbard said. A return to the gold standard isn’t “in the cards.”

To contact the reporter on this story: Aki Ito in San Francisco at aito16@bloomberg.net.

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net