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Understanding the Greenspan standard

  • Alan S. Blinder
  • Ricardo Reis

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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Article provided by Federal Reserve Bank of Kansas City in its journal Proceedings - Economic Policy Symposium - Jackson Hole.

Volume (Year): (2005)
Issue (Month): Aug ()
Pages: 11-96

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Handle: RePEc:fip:fedkpr:y:2005:i:aug:p:11-96
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