Title
The Fabulous Decade: Macroeconomic Lessons from the 1990s
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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 luckespecially the sharp acceleration of productivity after 1995. Drawing on their firsthand experience, marshaling a wide variety of data, and using two largescale 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 possibleif 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 longterm macroeconomic results.
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- Q: How many pages does the book have? A: The book has one hundred five pages. It provides a comprehensive analysis of the U.S. economy during the 1990s.
- Q: What is the binding type of this book? A: The book is paperback. This makes it lightweight and easy to handle for reading.
- Q: What are the dimensions of the book? A: The book measures six inches in length, eight and three-quarters inches in height, and a quarter inch in width. These dimensions make it portable.
- Q: What themes does the book cover? A: The book covers economic conditions and macroeconomic lessons from the 1990s. It discusses growth, unemployment, and inflation in detail.
- Q: Who are the authors of this book? A: The authors are Alan S. Blinder and Janet L. Yellen. They both have significant experience in economic policy.
- Q: How is the book structured? A: The book is structured analytically, detailing both monetary and fiscal policies of the 1990s era. It uses models to support its conclusions.
- Q: Is this book suitable for beginners in economics? A: Yes, the book can be suitable for beginners. It explains complex economic concepts in an accessible manner.
- Q: What audience would benefit most from this book? A: Students, economists, and policymakers would benefit most. It provides insights into both historical and contemporary economic policies.
- Q: How should I read this book for better understanding? A: Reading it chapter by chapter and taking notes on key concepts will enhance understanding. Engaging with the data presented is also helpful.
- Q: Can I gift this book to someone interested in economics? A: Yes, this book makes an excellent gift for anyone interested in economics. Its insights are valuable for both enthusiasts and professionals.
- Q: How should I store this book to keep it in good condition? A: Store the book upright on a shelf away from direct sunlight. This will help maintain its condition and prevent fading.
- Q: What is the recommended care for this paperback book? A: Keep the book dry and avoid exposure to moisture. Handling it with clean hands will also help preserve its quality.
- Q: What should I do if the book arrives damaged? A: If the book arrives damaged, contact the seller for a return or exchange. Keep all packaging materials for the return process.
- Q: Is there a warranty for this book? A: Typically, books do not come with a warranty. However, you can inquire about return policies from the seller.
- Q: What is the best way to discuss the book with others? A: Forming a book club or joining discussions online can enhance your understanding. Sharing insights with others can lead to deeper discussions.
- Q: Is this book appropriate for academic use? A: Yes, this book is appropriate for academic use. It provides well-researched insights and data that support its conclusions.