It is an established scientific fact that monetary policy has had virtually no effect on output and employment in the U.S. since the formation of the Fed. Edward C. Prescott More Quotes by Edward C. Prescott More Quotes From Edward C. Prescott After World War II, there were a lot of pension funds in Europe that were fully funded, but they were pressured to hold a lot of government debt. There was a lot of inflation, and the value of all those assets fell. Those pension funds couldn't honor their promises to the people. Edward C. Prescott government war people world You can't spend your way to prosperity. Edward C. Prescott your you prosperity way If productivity grows, the economy does well. Edward C. Prescott does well productivity economy Sometimes pessimism or optimism gets popular, and it's contagious. Edward C. Prescott popular pessimism optimism sometimes
