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Understanding the Greenspan Standard

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  • Alan S. Blinder

    (Princeton University)

  • Ricardo Reis

    (Princeton University)

Abstract

Alan Greenspan was sworn in as Chairman of the Board of Governors of the Federal Reserve System almost exactly 18 years ago. At the time, the Reagan administration was being rocked by the Iran-contra scandal. The Berlin Wall was standing tall while, in the Soviet Union, Mikhail Gorbachev had just presented proposals for perestroika. The stock market had not crashed since 1929 and, probably by coincidence, Prozac had just been released on the market. The New York Mets, having won the 1986 World Series, were the reigning champions of major league baseball. A lot can change in 18 years.

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Paper provided by Princeton University, Department of Economics, Center for Economic Policy Studies. in its series Working Papers with number 88.

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Date of creation: Sep 2005
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Handle: RePEc:pri:cepsud:114blinderreis

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