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Two thousand and seven may seem an odd moment to question what we know about monetary policy. The past quarter-century has been about as good a run, at least in aggregate dimensions, as one is likely to get - and certainly far superior to what the early Brookings Panel participants, in the 1970s, ever thought likely. The United States has experienced only two business recessions during the last twenty-five years, neither lasting longer than eight months and neither involving a decline in total production as great as 11⁄2 percent.
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