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Janet Yellen got investors’ attention recently. Speaking at a conference in Boston, the Federal Reserve Chair described the potential benefits of temporarily running a high-pressure economy, what one pundit labeled “running hot”. She clearly outlined “plausible ways” that a hot U.S. economy could reverse some of the adverse effects of the Great Recession with robust demand and a tight labor market.
Perhaps Yellen was just speaking hypothetically. In fairness, the idea was indeed framed th...


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