Early next year, we will experience an event that happens rarely in the Federal Reserve — the retirement of the Chairman of the Board of Governors. Alan Greenspan is just the fifth Fed Chairman in the modern era that began with the Treasury-Fed Accord in 1951, and his retirement provides us with an excellent opportunity both to look back at a period of extraordinary success in monetary policy-making and to look forward to the principles that might allow future policy to continue this success. I ...
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