In this vein, Alan Greenspan said in 2002 at the Jackson Hole symposium: “The notion that a well-timed incremental tightening could have been calibrated to prevent the late 1990s bubble is almost surely an illusion.”  1  See M Goodfriend (2007), How the World Achieved Consensus on Monetary Policy, in Journal of Economic Perspectives, Vol 21, No 4, pp 47-68.
2  See A Alesina and L H Summers (1993), Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence, Journal of Money, Credit and Banking, Vol 25, No 2, pp 151-162. 3  See W R White (2009), Should Monetary Policy "Lean or Clean"?, Federal Reserve Bank of Dallas, Globalization and Monetary Policy Institute, Working Paper No 34.