As the opening speaker, I may perhaps be permitted a short trip down memory lane. The trip is purposeful, and it will be mercifully short. While preparing my Marshall Lectures for delivery at Cambridge in 1995, I asked the Federal Reserve staff, for I was then Vice Chairman, to research what had...

Times change. When I was introduced to macroeconomics as a Princeton University freshman in 1963, fiscal policy and by that I mean discretionary fiscal stabilization policy was all the rage. The policy idea that would eventually become the Kennedy- Johnson tax cuts was the new, new thing. In...