Proponents of this view claim that Chairman Greenspan has been doing the right thing by letting the US expansion run on, and not being deflected by more conventional voices calling for monetary restraint to avoid future inflation.
I certainly have no qualms about joining the chorus of praise for Chairman Greenspan’s and the Federal Reserve Board’s performance during this expansion, but I would like to make two points. First, we should remember that the Australian economy has actually grown faster than the US economy during this expansion.