An evaluation of the economic policy proposals of the joint economic committee of the 92nd and 93rd congresses: A comment

Abstract

Christ has presented a comprehensive and constructive evaluation of the policy recommendations offered by the Joint Economic Committee during the 92nd and 93rd Congresses. The staff and, I am sure, the Members of the Committee are grateful for this serious critique of our work. Criticism of this type is perhaps the most effective way of helping us both to adopt policies that make economic sense and to communicate the rationale underlying our policies to the general public. Throughout his commentary, Christ makes complimentary observations about the policy positions of the Joint Economic Committee; for these, too, we are grateful. While arguing with some of his criticisms, I hope that in accepting these compliments. I can avoid the impression of churlishness. I shall focus my comments on two sets of JEC policy recommendations that Christ criticized: first, our joint unemployment and inflation objectives; and second, recommendations to lower interest rates. Perhaps his most serious criticism is directed at the joint inflation and unemployment targets: