Greenspan’s Whim

James K. Galbraith

A chapter in Unbearable Cost, 2006, pp 124-125 from Palgrave Macmillan

Abstract: Abstract Why did Alan Greenspan raise interest rates? Because he could. Because two of the more independent members of his Board, the pro-growth conservative Lawrence Lindsey and the moderate Janet Yellen, have departed. Because he has been under pressure from banks and bond traders for two years; why not throw them a bone? Because he knows the Clinton Administration will say and do nothing in protest. And, especially, because he can get away with it.

Keywords: Minimum Wage; Commercial Bank; Money Market; Wage Growth; Quiet Time (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-23672-1_35

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DOI: 10.1057/9780230236721_35

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