Open Yale CoursesECON 252: Financial MarketsLecture 25 - Okun Lecture: Learning from and Responding to Financial Crisis,Part I (Guest Lecture by Lawrence Summers)<< previous session | next session >>Overview:Professor Summers, former U. S. Treasury Secretary and former President of Harvard University, in this the first oftwo lectures in honor of former Yale Professor and Council of Economic Advisors chairman Arthur Okun, offersthoughts on the role of monetary policy in economic fluctuations, past and present. In the "Okun period," endingabout when Okun died in 1980, the monetary authorities were very much involved in actually creating economiccontractions. Inflation would repeatedly get out of control, the Fed would hit the brakes, and the economy wouldslow. But, that is not the story of the economic cycles of the last two decades. Recent economic cycles appear to beconnected with factors endogenous to the financial system, such as bubbles or cycles of complacency among
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