إن أسوأ إخفاقات الاحتياطي الفيدرالي جاءت من الانتظار لفترة أطول مما ينبغي لتشديد السياسة النقدية أثناء فترات النمو، وليس من تخفيفها أكثر مما ينبغي أثناء فترات الركود.

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