The Fabulous Decade
Macroeconomic Lessons from the 1990s
Fabulous Decade by Alan S. Blinder
Book DescriptionThe performance of the U.S. economy in the 1990s far outstripped expectations. Growth was surprisingly strong, unemployment fell to the lowest level in a generation, and yet inflation remained dormant. Why? And what lessons can we learn from this wonderful episode? Alan S. Blinder and Janet L. Yellen, who participated in these events both at the Federal Reserve Board and in the Clinton administration, have written the first comprehensive analytical history of this important period. They attribute the strong performance during the 1990s to a combination of favorable preconditions, excellent monetary and fiscal policy, and a harvest of good luck-especially the sharp acceleration of productivity after 1995. Drawing on their firsthand experience, marshaling a wide variety of data, and using two large-scale models of the U.S. economy, they analyze the roles of deficit reduction, Federal Reserve policy, and a series of favorable "supply shocks" in bringing about the happy combination of strong growth and low inflation. Contrary to previous conventional wisdom, they conclude that the Fed demonstrated that fine tuning the economy is at least possible-if you have both skill and luck. But to do this job properly, the central bank must place high value on growth. The authors also argue that a policy mix of smaller federal budget deficits (or larger surpluses) and lower interest rates produces superior long-term macroeconomic results.
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Book DetailsISBN: 9780870784675
(229mm x 152mm x 8mm)
Imprint: The Century Foundation
Publisher: Brookings Institution
Publish Date: 1-Jul-2001
Country of Publication: United States
Books By Author Alan S. Blinder
Don't Count on It!, Hardback (November 2010)
Praise for Don't Count On It! "This collection of Jack Bogle's writings couldn't be more timely. The clarity of his thinking and his insistence on the relevance of ethical standards are totally relevant as we strive to rebuild a broken financial system.
Offshoring of American Jobs, Hardback (September 2009)View all books by Alan S. Blinder
Two leading economists discuss a range of issues relating to the "offshoring" of American jobs, from free trade to unemployment levels.
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Author Biography - Alan S. Blinder
Alan S. Blinder is the Gordon S. Rentschler Memorial Professor of Economics and codirector of the Center for Economic Policy Studies at Princeton University. He is also a partner in Promontory Financial Group and vice chairman of the G7 Group. He served as vice chairman of the Board of Governors of the Federal Reserve System from June 1994 until January 1996 and as a member of President Clinton's original Council of Economic Advisers from January 1993 until June 1994. Janet L. Yellen is the Eugene E. and Catherine M. Trefethen Professor of Business Administration and professor of economics at the University of California, Berkeley. She served as chair of President Clinton's Council of Economic Advisers from February 1997 through August 1999 and as a member of the Board of Governors of the Federal Reserve System from August 1994 through February 1997.
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