Milton Friedman and other monetarists criticised the Fed during the Martin era for what were said to be whimsical adjustments of interest rates and the money supply.

ECONOMIST: William Martin

This forces market participants to take risk more seriously, pushing up interest rates for other reckless borrowers, driving painful fiscal adjustments that will eventually correct the misallocation of resources caused by the bubble, returning them to the private sector and, eventually, permitting a renewal of sustainable growth.

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It includes certain adjustments to income but not itemized deductions, such as charitable donations, mortgage interest and state taxes.

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