Word: greenspans
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Dates: during 2000-2009
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...economics department. There, he built a reputation for consensus-building and for the ability to manage contentious committees, skills that likely translated well to his current duties as chair of the Federal Open Market Committee. “The Board of Governors have greater influence than they did under Greenspan,” Stock said, referring to Bernanke’s predecessor. “You really want to be able to trust the wisdom of the Committee.” Bernanke is a particularly relevant choice in light of recent market turmoil brought on by a fall in housing...
...everyone embraces this development as a panacea. Former Federal Reserve Chairman Alan Greenspan argued in the Financial Times on March 16 that “we will never have the perfect model of risk.” Amidst a paradigm-shifting financial crisis originated at the core of financial markets, Greenspan felt the need to remind the audience of the FT that despite the amazing complexity of existing models and their relative success for many years, the very fact that they are an abstraction of reality makes it impossible for them to flawlessly predict where the market will go tomorrow...
...Ultimately, political scientists attached to models can consider kleos as a possible motivation for action, just as they could ascribe a particular value to the Bolivian obsession with the sea. But values, in models and elsewhere, change just as much as motivations do. Thus, like Greenspan proposed, we need to understand the impossibility of foreseeing a particular actor’s full set of motivations when making a political decision. Given that the future is eternally foggy, our only option is to study the past in a qualitative, rather than quantitative...
...strong-dollar mantra was originated by O'Neill predecessor Robert Rubin in the mid-1990s precisely to avoid such confusion. "It was boring, it was dull, it was repetitive, it was nonintellectual, and it worked like a charm," is how Alan Greenspan once described it when he was Fed chairman. "By not varying the statement, an issue never arose about whether a comment involved a subtle change or not in the policy toward the dollar...
...Alan Greenspan left some embarrassing items behind in the chairman’s office. We knew he was into leather, but now we’ll finally hear the specifics...