Abstract
The purpose of this working paper is to make an historical reconstruction of the changes occurred in the American monetary policy from the end of the Great Inflation up to the beginning of the Great Recession. Some of these changes will be critically assessed and sources of imbalances and financial instability will be highlighted. Particular attention will be focused on the so called Taylor rule, on the asymmetry of interventions during and after the bust of assets bubbles and the relationship between macroeconomic stability and financial crisis.
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