>(iii) a resumption of counter-cyclical stabilization policy--with
>fewer claims made for it--by Volcker and Greenspan after the Volcker
>depression. What are Greenspan's massive monetary injection in late
>1987, Greenspan's pushing of short-term real interest rates below
>zero in 1992, or Greenspan's "preemptive strikes" against inflation
>in 1994 and subsequently but counter-cyclical stabilization policy?
>They certainly ain't Milton Friedman's constant-money-growth rule.
>
>Of course, if you will ask Greenspan whether he is pursuing activist
>counter-cyclical stabilization policy he will fuzz the issue...
>
>
>Brad DeLong
I once wrote the phrase "interest rate Keynesianism" as a description of modern central banking in an internal memo at the BoE. My ears were ringing for three days afterward from the bollocking I received. They do *not* like being reminded of this fact, but if the cap fits . . .
dd
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