Kevin L. Kliesen , David C. Wheelock
Federal Reserve Chairman Alan Greenspan believed advances in information technology had expanded the productive capacity of the U.S. economy in the 1990s, which would allow stronger economic growth and lower unemployment without triggering higher inflation.
His views helped push the Fed to hold interest rates steady in 1996, despite calls for tightening monetary policy.
Studying the 1990s expansion could reveal insights into how the potential economic impact of AI, which is today’s transformative technology, may be relevant to monetary policy.
Πηγή: Federal Reserve Bank of St. Louis