アラン・S.ブラインダ-/ジャネット・L.イェレン『良い政策 悪い政策 1990年代アメリカの教訓』(原書)<br>The Fabulous Decade : Macroeconomic Lessons from the 1990s

アラン・S.ブラインダ-/ジャネット・L.イェレン『良い政策 悪い政策 1990年代アメリカの教訓』(原書)
The Fabulous Decade : Macroeconomic Lessons from the 1990s

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  • 製本 Paperback:紙装版/ペーパーバック版/ページ数 105 p.
  • 言語 ENG
  • 商品コード 9780870784675
  • DDC分類 330.9730928

基本説明

邦訳:日経BP出版センター

Full Description


The performance of the U.S. economy in the 1990s far outstripped expectations. Growth was surprisingly strong, unemployment fell to the lowest level in a generation, and yet inflation remained dormant. Why? And what lessons can we learn from this wonderful episode? Alan S. Blinder and Janet L. Yellen, who participated in these events both at the Federal Reserve Board and in the Clinton administration, have written the first comprehensive analytical history of this important period. They attribute the strong performance during the 1990s to a combination of favorable preconditions, excellent monetary and fiscal policy, and a harvest of good luck-especially the sharp acceleration of productivity after 1995. Drawing on their firsthand experience, marshaling a wide variety of data, and using two large-scale models of the U.S. economy, they analyze the roles of deficit reduction, Federal Reserve policy, and a series of favorable "supply shocks" in bringing about the happy combination of strong growth and low inflation. Contrary to previous conventional wisdom, they conclude that the Fed demonstrated that fine tuning the economy is at least possible-if you have both skill and luck.But to do this job properly, the central bank must place high value on growth. The authors also argue that a policy mix of smaller federal budget deficits (or larger surpluses) and lower interest rates produces superior long-term macroeconomic results.

Table of Contents

Foreword                                           v
Richard C. Leone
Eric Wanner
Acknowledgments xi
Introduction 1 (2)
The Setting 3 (8)
Lags and the Fed's Sustained Easy-Money Policy 11 (4)
The Fiscal Turning Point: The 1993 Budget 15 (10)
Agreement
The Fed Engineers a Soft Landing, 1994-96 25 (10)
The Fed Forbears and the Phillips Curve 35 (22)
Cooperates
The End of Forberance 57 (2)
Producitivity Growth and Computer Prices 59 (10)
Monetary Policy in 1999 and After 69 (4)
The Amazing, Vanishing Budget Deficit 73 (8)
Conclusions: Lessons for Policy 81 (6)
Notes 87 (12)
Index 99 (6)
About the Authors 105