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For Yellen, a Little Advice From Her Husband
Posted to: Around The Web
Wednesday, March 19, 2014 5:16 AM

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If George Akerlof offered advice to his wife, Janet Yellen, ahead of her first policy meeting this week as chairwoman of the Federal Reserve , it may have gone something like this: Don't be too nice to the hawks. Mr. Akerlof and Robert Shiller , both Nobel Prize-winning economists, in 2009 wrote a book called "Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism." In it, they blamed the "Great Canadian Slump" of the 1990s on the anti-inflation policies of John Crow and Gordon Thiessen, then-governors of the Bank of Canada. "This story should serve as a warning. For the past quarter century the United States has had a sensible monetary policy, which carefully balances the twin goals of price stability and full employment


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