Would You Take Credit for the Mad Federal Reserve Policy Since 1987?

I didn't think so.

But there is an economist that claims the roller coaster economy that has led to a boom-bust economy, a crash of the real estate market and a global financial crisis is the Fed just following what he has recommended.

Today, at his blog, Harvard economist Greg Mankiw displays a chart that shows that since 1987 (except for the last two years) the Fed has been pretty much following his prescription.