Did Alan Greenspan Make a Terrible Mistake?
Brad DeLong has an excellent and thought-provoking meditation on whether Alan Greenspan made the wrong bet by keeping interest rates low in the 1990s. On Tuesdays and Thursdays, Brad says, he thinks Greenspan made a terrible mistake. On Mondays, Wednesdays, and Fridays, he thinks Greenspan made the right decision. It's not clear what he thinks on weekends (maybe he refuses to think about Greenspan on weekends? Seems like a sensible policy.)
Anyway, read Brad.
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