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Re: Re: Re: RE: saving and aggregate demand

Of course, the fact that it _looks as if_ the Fed has been steering
the economy toward low unemployment and low inflation during the
last 8 years or so is mostly a matter of luck: if the Fed had
followed its vision of the Phillips Curve, we'd still have 6 percent
unemployment in the US.


But it didn't. Greenspan overruled Meyer and company and said that
they should let the unemployment rate drift down and see what
happened...

Brad DeLong


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