By Jeffrey A. Frankel, Peter R. Orszag
An exam of U.S. financial coverage within the Nineteen Nineties, by means of best coverage makers in addition to educational economists.
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In some ways, this absence is to be expected: Monetary policy is made by the Federal Reserve, which is independent of the executive branch. But the administration did inﬂuence monetary policy in several important ways. The most obvious is the reappointment of Alan Greenspan. In retrospect, this decision may seem like a no-brainer, but at the time it was less obvious. When Greenspan came up for reappointment during Clinton’s ﬁrst term, his reputation was not as solid as it would become: Some observers (including some members of the administration of the elder George Bush) blamed Greenspan for the recession of 1990–91.
This approach prevented spiraling inﬂation. Increased stability in monetary aggregates played no role in the improved macroeconomic performance of this era. 4. The low inﬂation and economic stability of the 1990s shows that discretionary monetary policy can work well. Yet it leaves only a limited legacy for 10. See Bernanke and Mishkin (1997) for a discussion of inﬂation targeting. S. Monetary Policy During the 1990s 43 future policy-makers. S. monetary policy-makers during the 1990s may well have been engaged in ‘‘covert inﬂation targeting’’ at a rate of about 3 percent, but they never made that policy explicit.
Moreover, the Japanese experience in the aftermath of its stock market and real estate bubble was a warning ﬂag of what might happen in the United States if the booming stock market were ever to suffer a similar collapse. The 3 percent inﬂation rate gave Fed policy-makers the option to stimulate spending with negative real interest rates, had the need ever arisen. 2 Greasing the Wheels of Labor Markets A second argument for moderate inﬂation starts with the observation that cuts in nominal wages are rare.
American Economic Policy in the 1990s by Jeffrey A. Frankel, Peter R. Orszag