American Economic Policy in the 1990s - download pdf or read online

By Jeffrey A. Frankel, Peter R. Orszag

ISBN-10: 0262062305

ISBN-13: 9780262062305

An exam of U.S. financial coverage within the Nineteen Nineties, through best coverage makers in addition to educational economists.

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Note: Productivity growth is the quarterly change in output per hour in the nonfarm business sector, expressed at an annual rate. 30 N. Gregory Mankiw What is more anomalous is the low volatility of productivity growth, as shown in the second row of the table. To the extent that productivity reflects technological progress, the 1990s were a decade of smooth advances in technology. It is possible that this fact might explain the low volatility in other macroeconomic variables. Yet it is also possible that the tame business cycle led to low volatility in productivity, rather than the other way around.

Note: Calculations are with monthly data. The growth rate is calculated from 12 months earlier. words, while the nation was enjoying macroeconomic tranquillity, the money supply was exhibiting high volatility. From the standpoint of economic theory, this result is not a puzzle. The money supply is one determinant of the overall demand for goods and services in the economy, but there are many others, such as consumer confidence, investor psychology, and the health of the banking system. The view that monetary stability is the only ingredient needed for economic stability is based on a narrow view of what causes the ups and downs of the business cycle.

2001. ‘‘Productivity Growth and the Phillips Curve,’’ Johns Hopkins University. , and Frederic S. Mishkin. 1997. ’’ Journal of Economic Perspective, 11 (Spring): 97–116. Blinder, Alan S. 1979. Economic Policy and the Great Stagflation. New York: Academic Press. Campillo, Marta, and Jeffrey A. Miron. 1997. ’’ In Christina D. Romer and David H. , Reducing Inflation: Motivation and Strategy, 335–362. Chicago: University of Chicago Press. Friedman, Milton. 2001. An Interview. Macroeconomic Dynamics, 5:101–131.

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American Economic Policy in the 1990s by Jeffrey A. Frankel, Peter R. Orszag


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