Yellens Fabulous Decade

Yellen writes a book as to why Bubba Clinton's policies worked. Temporary factors, a transitory effect, she says.I didn't read the book, the review above is what I work from.

They claim good federal reserve policy coupled with good fiscal policy and technology based productivity growth made it happen. We can see on the chart that the Fed was pretty good at matching the one year rate and the dollar deflator, a practice that went out of style with Bush.

But otherwise, Janet fails to notice the obvious.  Cut backs in government spending also raised productivity.  She has the multipliers greater than one bias.