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The Complete Idiot's Guide to Economics, 2nd Edition by Tom Gorman

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Where We’re Going

Despite the wish of strict monetarists for limited tinkering by the Federal Reserve, activist monetary policy has become an important tool in managing the economy. Particularly during the reign of Fed Chairman Alan Greenspan, the Fed aimed to use interest rates to generate soft landings as the business cycle turned downward. What the Fed proved less adept at (or less willing to attempt) was raising interest rates as the economy grew. Perhaps this was because inflation, the traditional main concern of central bankers during expansions, appeared to be under control. In any event, the Fed under Chairman Ben Bernanke, successor to Alan Greenspan, took a very aggressive role in countering the Great Recession of 2008-2009.
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