He disliked rationing, dirigisme, inflation and excessive taxation.
Rising foreign-exchange reserves boost the money supply, causing higher inflation and excessive bank lending.
Even Paul Krugman, who is usually a big supporter of stimulus programs, has distanced himself from Modern Monetary Theory, pointing to the danger of inflation from excessive monetary growth.
Republicans believed the President had succeeded in pin ning an inflationary label on the Democrats by attributing inflation to excessive deficit spending by Democratic Ad ministrations and Congresses.
Temporarily making the dollar Russia's main currency might produce an injection of fresh financing, without the inflation that excessive money creation would set off.
Eventually it was realised that the ultimate result of too much stimulus was higher inflation and excessive government involvement in the economy.
Mr. Clarida's research has focused on the Taylor Rule, in effect finding that the major central banks, including the Federal Reserve, adhere to the practice of adjusting interest rates in response to inflation and excessive economic growth.
But health economists have also pointed to less benign sources of health care inflation, including excessive malpractice penalties and a number of other health industry inefficiencies that raise employer health insurance costs without creating commensurate value for employees.
Indonesia's central bank is battling inflation and excessive lending.
