By Jeffrey A. Frankel, Peter R. Orszag

An exam of U.S. fiscal coverage within the Nineteen Nineties, through top coverage makers in addition to educational economists.

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3 examines how policy was different from earlier decades. 4 considers the legacy that the monetary policy of the 1990s leaves for the future. 5 summarizes the conclusions from this experience. 1 The Macroeconomic Performance of the 1990s I begin by comparing the performance of the economy during the 1990s with other recent decades. I concentrate on three standard time series: inflation, unemployment, and real growth. S. Monetary Policy During the 1990s 21 these measures of the economy’s performance more than any others.

The bull market preceded the acceleration in productivity growth by several years, suggesting the possibility that Wall Street knew about the ‘‘new economy’’ long before it showed up in standard macroeconomic statistics. A second reason why the stock market may be relevant to monetary policy is that it can be a driving force of the business cycle. John Maynard Keynes suggested that movements in the market are driven by the ‘‘animal spirits’’ of investors. ’’ Such exuberance could push stock prices higher than their fundamental value and make households feel richer than they truly are.

Blinder, Alan S. 1979. Economic Policy and the Great Stagflation. New York: Academic Press. Campillo, Marta, and Jeffrey A. Miron. 1997. ’’ In Christina D. Romer and David H. , Reducing Inflation: Motivation and Strategy, 335–362. Chicago: University of Chicago Press. Friedman, Milton. 2001. An Interview. Macroeconomic Dynamics, 5:101–131. Greenspan, Alan. 1964. ’’ Journal of Finance, 19, no. 2 (May): 159–169. , and Mark W. Watson. 1999. ’’ Journal of Monetary Economics, 44, no. 2 (October): 293–335.

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