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Statement on Monetary Policy

In: The Political Economy of Central Banking

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  • Gerald Epstein

Abstract

Mr Chairman, members of the Committee. I thank you for inviting me to meet with you today concerning the Humphrey-Hawkins Act. Soon after the passage of the Humphrey-Hawkins Act, in 1978, the unemployment rate began to rise. It rose for three consecutive years, the longest period of increase in the post-war period. Over that time, we also witnessed four years of virtual economic stagnation, the longest bout since World War II. Monetary policy is not wholly responsible for this debacle. But it must shoulder a good share of the blame.

Suggested Citation

  • Gerald Epstein, 2019. "Statement on Monetary Policy," Chapters, in: The Political Economy of Central Banking, chapter 21, pages 516-526, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18820_21
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    Keywords

    Economics and Finance;

    Statistics

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