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时光倒回去年。美国经济蓬勃,股市创高,提前进入新世纪。人们普遍认为所谓的新经济改变了美国经济的动力结构,甚至使商业周期失效。利率争论集中在美联储如何紧缩货币政策上。
Time went back last year. The U.S. economy is booming and the stock market hit a record high, entering the new century in advance. It is generally accepted that the so-called new economy has changed the dynamic structure of the U.S. economy and even invalidated the business cycle. Interest rate controversy focused on how the Fed tightened monetary policy.