In 1987 we had a sharp increase in long-term interest rates and a stock market crash when there was a run on the dollar. While a lot of people think a weaker dollar is a good thing, it essentially makes us poorer and turns out not to be a good thing.
More Quotes from Paul Kasriel:
I guess you could (say) that the Fed sees the light at the end of the tunnel. They believe that they have taken a lot of accommodation out of policy now.Paul Kasriel
It's almost become a random number.
Paul Kasriel
In a longer-run sense, I would view it as marginally unproductive, a worsening of the trade-off between growth and inflation. But will we be able to detect that I doubt it.
Paul Kasriel
I think there are some members who would prefer that the funds rate be at 3 percent, but I suspect there is a little concern about moving too fast and upsetting the household sector.
Paul Kasriel
The problem is that labor has basically priced itself out of the market. We had a very sharp run up in compensation costs in the late 1990s. People got too expensive and they're still too expensive.
Paul Kasriel
We could see corporations building up their inventories toward the end of 1999 for fear they won't be able to get goods in. They'll borrow to do that, and that will put upward pressure on interest rates as well.
Paul Kasriel
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Marvin Harris
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