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Greenspan, to ErrIs Human

The Downside of Greenspan’sChairmanship

While there is little doubt that Greenspan was a strong Fed chairman, the hero worship in the business press got a little carried away. 1 A balanced appraisal requires asking some tough questions. Was Greenspan an anti-inflation hawk or easy-money dove? Should the Fed chairman work closely with the administration on issues unrelated to monetary policy and the regulation of financial markets? Should policy be communicated through ambiguous code words that only a professional Fed watcher could (usually) understand? Was Greenspan really a much better forecaster than other economists ...

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