Document Type

Article

Publication Date

6-2005

Publication Title

The Journal of Economic Asymmetries

Volume

2

Issue

1

Pages

25-39

Abstract

Recently Chairman Greenspan (2003 and 2004) has discussed a risk management approach to the implementation of monetary policy. This paper explores the economic environment of the 1990s and the policy dilemmas the Fed faced given the stock boom from the mid to late 1990s to after the bust in 2000-2001. Drawing on Greenspan's comments about conducting monetary policy in the real world of risk and uncertainty, the paper assesses why US monetary policy was neutral with respect to the stock market boom.

Comments

Author Posting. © Elsevier B. V. 2005. This is the authors' version of the work. It is posted here by permission of The Journal of Economic Asymmetries for personal use, not for redistribution. The definitive version was published in The Journal of Economic Asymmetries, vol. 2, no. 1, 2005, http://www.sciencedirect.com/science/article/pii/S1703494915302851#!

Creative Commons License

Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License.

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