Interest Rate Theory, Cont'd.

Max Sawicky sawicky at epinet.org
Thu Sep 3 19:17:30 PDT 1998



> . . .
> So U.S. administration economic policy is reduced to (i) fiscal discipline
> (to try to get investment and productivity growth up), and (ii)
> begging the
> Federal Reserve to behave (which it has... mostly... so far...)
> . . .

If C=Clinton, G=Greenspan, L=Lewinsky, then:

C/L = G/C

The Reagan Administration's rhetoric re: the Fed was more vigorous than their successors, though they probably did it with a wink.

MBS



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