ECONOMICS:
Inflated Expectations for the Fed*

By Michael J. Boskin

Hoover fellow Michael J. Boskin believes the public asks too much of the Fed, expecting Alan Greenspan to keep the good times rolling on his own. Here Boskin explains why responsibility for sound economic policy still lies overwhelmingly with Congress and the president—and details what they must do to keep our economy growing.

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Michael J. Boskin is a senior fellow at the Hoover Institution and the T. M. Friedman Professor of Economics at Stanford University. He is also a research associate at the National Bureau of Economic Research, serves on several federal advisory panels, and advises heads of state, finance ministries, and central banks around the world. Among other posts, he served as chairman of the President's Council of Economic Advisers from 1989 to 1993.