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Fed's Bernanke on the great moderation

In a speech on 'The Great Moderation' given on 20 February, Ben Bernanke of the Federal Reserve said said the Fed has been successful over years in fostering price stability and he is optimistic for the future because monetary policy-makers will not forget the lessons of the 1970s.

"The Great Moderation, the substantial decline in macroeconomic volatility over the past twenty years, is a striking economic development. Whether the dominant cause of the Great Moderation is structural change

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