US economy: less volatile

[Max Sawicky]

> . . .
> According to Mishkin, this procyclical policy started when the Fed
> regained its freedom in 1952, and lasted until the end of the 1960's, when
> it was clear that it was making a mess of things.  He also claims that all
> during this period, it made recessions deeper and booms bigger.
>
> It's very suspicious the way this reasoning leaves out the whole world.
> But could you point out where it's flatly wrong in point of fact or logic?
> Then I'd feel much better.
> Michael

Looks like Mishkin is to the left of DeLong.

mbs