FROM ISSUE NUMBER 66 - WINTER 1982 GO TO TABLE OF CONTENTS
Politics and the Federal Reserve
AT a time when every public policy, however slight or sweeping, seems to excite passionate yeas and nays, post-war monetary policy inspires nothing but criticism. The exasperation among the nation’s leading macroeconomists is palpable: On the left, Robert Solow pronounces modern monetary policy “mindless”; on the right, William Poole insists it “cannot be defended”; and in the center, Martin Feldstein calls the Federal Reserve’s record one of general “mismanagement” in behalf of which, Robert Gordon adds, “almost nothing can be said.”
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