The Fed's Thermostat
Posted: Thu Dec 13, 2012 9:32 am
Fifteen years ago, in an op-ed on this page entitled "The Fed Has No Clothes" (April 15, 1988), I wrote, "No major institution in the U.S. has so poor a record of performance over so long a period as the Federal Reserve, yet so high a public recognition." As I believe my column demonstrated, that judgement is amply justified for the first seven decades or so of the Fed's existence. I am glad to report that it is not valid for the period since.
http://www.msjc.edu/DanPynn/Documents/T ... mostat.pdf
http://www.msjc.edu/DanPynn/Documents/T ... mostat.pdf