Statement on Monetary Policy

Gerald Epstein

Chapter 21 in The Political Economy of Central Banking, 2019, pp 516-526 from Edward Elgar Publishing

Abstract: Mr Chairman, members of the Committee. I thank you for inviting me to meet with you today concerning the Humphrey-Hawkins Act. Soon after the passage of the Humphrey-Hawkins Act, in 1978, the unemployment rate began to rise. It rose for three consecutive years, the longest period of increase in the post-war period. Over that time, we also witnessed four years of virtual economic stagnation, the longest bout since World War II. Monetary policy is not wholly responsible for this debacle. But it must shoulder a good share of the blame.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2019
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