December 08, 1997

Looking back over the years economic performance theres little to complain about. Total output expanded faster than most forecasts had predicted, inflation remained low, employment was strong and the stock market as measured by the S&P 500 index increased about 30%. There were, of course, some setbacks. A handful of emerging nations experienced painful currency collapses, the free-trade movement lost some momentum and our tax code became even more complex. Yet, the strength of the economy overshadowed all else - and even puzzled some. Keynesians were presented a new challenge, to explain the tame inflationary conditions in light of continued robust growth and the lowest jobless rate in 24 years. Monetarists also had cause to pause as the monetary aggregates soared without a commensurate jump in price levels.

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