Power of monetary policy is greatly exaggerated
Last week, members of Congress grilled Alan Greenspan on whether his monetary policy was having its desired effect. Although the Federal Reserve cut its target for short-term interest rates six times this year, gross domestic product grew at only a 0.7% annual rate in the second quarter of 2001 - its slowest rate of growth in more than eight years, and far less than the 5.7% logged for the same quarter
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