The Fed and the Natural Rate

Thursday, January 30, 1997

Argue that the economy should be growing more briskly, and you have Nobel Prize-winner and Hoover fellow Milton Friedman's sympathy. Argue that the Federal Reserve Bank should be doing something about it, and you lose Friedman's sympathy. The man who coined the term explains why the natural rate of unemployment is no argument for loose money-or, for that matter, tight money, either.

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