Understanding the Greenspan Standard

Alan Blinder and Ricardo Reis

No 88, Working Papers from Princeton University, Department of Economics, Center for Economic Policy Studies.

Abstract: Alan Greenspan was sworn in as Chairman of the Board of Governors of the Federal Reserve System almost exactly 18 years ago. At the time, the Reagan administration was being rocked by the Iran-contra scandal. The Berlin Wall was standing tall while, in the Soviet Union, Mikhail Gorbachev had just presented proposals for perestroika. The stock market had not crashed since 1929 and, probably by coincidence, Prozac had just been released on the market. The New York Mets, having won the 1986 World Series, were the reigning champions of major league baseball. A lot can change in 18 years.

Keywords: United; States (search for similar items in EconPapers)
JEL-codes: E52 (search for similar items in EconPapers)
Date: 2005-09
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Citations: View citations in EconPapers (157)

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