Stephen King: Global changes cause policymakers to wobble on their
tightrope
http://news.independent.co.uk/business/comment/story.jsp?story=462268

The world is changing in so many ways that the old 'rules' may no
longer apply
10 November 2003


Cyclical versus structural. Short-term versus long-term. Policymakers
always have to make difficult choices. Should they respond to
unexpected deviations in economic activity by adjusting interest
rates, taxes, government spending or the exchange rate? Or should they
leave well alone, choosing instead to believe that these unexpected
deviations may reflect structural change that cannot really be
affected by macroeconomic policy at all?

Stephen King
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