DiCecio, Riccardo; Nelson, Edward - Federal Reserve Bank of St. Louis - 2009
the “as-if” approach. These stories attribute to policymakers
knowledge of the economy’s structure, and characterizes …
demand in aggregate. And there was no conflict between exchange rate policy and
demand management in 1970−71: interest ….S. history when aggregate demand management was a
sufficient tool against inflation, Burns said, structural change had produced …