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| Topic: |
Biographies
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| Number of pages / Number of words: |
4 / 1008 |
Essay's paper body
But there were serious complications along the way, not least of all a dangerous flirtation with outright deflation, or an overall decline in the price level, in early 2003. This problem resulted from Greenspan’s biggest gamble—a willingness to push U.S. interest rates to extremely low levels during a period of rapid economic growth...
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The move gave rise to the destabilizing stock market bubble of the late 1990s, a speculative excess unseen in the United States since the roaring 1920s. The bursting of that bubble in early 2000 transformed an orderly disinflation (i.e., when inflation merely decelerates) into a close call with actual deflation...
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General points of the essay
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