Greenspan Must be Sensitive to Growth Uncertainty
Published in the Financial Times on September 19, 2005A month ago, the US economy looked to be on course. Inflation was edging up but still well within Federal Reserve policymakers' comfort range. With real growth steady at just above 3Â½ per cent, output was near its target level as well. Then the storm hit. With Hurricane Katrina came not only loss of life and destruction of property but a significant increase in uncertainty.
September 15, 2005