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The day after the U.S. stock market crash of October 19, 1987, Federal Reserve Board Chairman...

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Economics

The day after the U.S. stock market crash of October 19, 1987,Federal Reserve Board Chairman Alan Greenspan issued the followingstatement: “The Federal Reserve, consistent with itsresponsibilities as the nation’s central bank, affirmed today itsreadiness to serve as a source of liquidity to support the economicand financial system.”  What school of thought may promptthat statement?  That is, which school (or schools) has arole for active monetary policy?


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1 Chicago School of thought may prompt that statement Chicago school started by Frank Knight is associated with the monetarist approach to macro economic policy that is policy for the Chicago schools most prominent    See Answer
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