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Learning Macroeconomic Principles Using MAPLE by Hal Snarr

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CHAPTER 7

What Have We Learned?

In a 2010 Bloomberg Television interview, Alan Greenspan said, “The general notion the Fed was propagator of the [housing] bubble by monetary policy does not hold up to the evidence …. Everybody missed it [and the 2008 financial crisis]—academia, the Federal Reserve, all regulators.” To rescue the economy from the financial crisis and the deep, persistent recessionary gap that followed, the Fed took unprecedented action that quadrupled the Fed’s balance sheet1 and raised excess reserves by 3,100 percent. This was matched by extraordinary fiscal policy enacted by the Bush administration, and continued under the Obama administration, which pushed the budget deficit, in per capita terms, to levels that were more than ...

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