During the next decade, the Fed returned to Keynesian discretionary monetary policy, trying to steer the real economy to long term growth by manipulating interest rates, loosening when the economy seemed to turn down, tightening when this seemed to go too far and inflation started to rise.

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On the left would be those who favor a system of discretionary activism in which brilliant technocrats, such as Ben Bernanke at the Fed, use their judgment in setting interest rates.

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