[PEN-L:32535] Why Isn't the Fed's Medicine Working?

[Finmktctr@xxxxxxx]

New from the Financial Markets Center:

Financial Markets & Society: November 2002
The trouble with Alan Greenspan's handling of the economy goes much deeper
than an ill-timed interest-rate adjustment or inaccurate staff forecast.
It's embedded in the Fed's increasingly antiquated machinery for implementing
monetary policy.  In  "Rebuilding the Transmission System for Monetary
Policy," Jane D'Arista diagnoses the problem and proposes a modernized policy
mechanism that would enable Greenspan & Co. to deal effectively with asset
bubbles and deflationary pressures alike.

http://www.fmcenter.org/pdf/FMandS1102.pdf