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Compare and contrast Paul Volckers experience at the NY Fed and in the private sector with the current Fed Chairman. How important is it for

  1. Compare and contrast Paul Volckers experience at the NY Fed and in the private sector with the current Fed Chairman. How important is it for the Fed chair to have their own constituency in congress, with business and even the media with respect to having an impact ?

2. How permanent is the concept of money? Why did the Fed introduce new definitions of money in February 1980?

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