Luck not Greenspan calmed business cycles - study

US - Many have praised the brilliance of Alan Greenspan and his predecessor at the Federal Reserve helm for blunting the most savage swings of the U.S. business cycle. But there's a good chance most of what tamed the booms and tempered the busts was plain old luck finds a recent Fed Working Paper.

That's the finding of a paper by three researchers at the central bank's Washington-based Board of Governors who examined what might lie behind a marked decline in the volatility of U.S. economic growth

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