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Chicago Fed Letter, No. 43, March 1991
The Cost of Uncertainty

Understanding what happened and why is important if we are to learn the right lessons from the recent past. It would be easy but false to say that the current recession shows once again the futility of fine tuning the economy through policy, and that the only way to tame inflation is a good old fashioned recession.

Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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