President and the economy

A question from Yahoo! Answers:

Doesn’t President Bush deserve more credit regarding our economy?

Presidents have NOTHING to do with economic performance. The U.S. is an open economy with a floating exchange rate. Standard economic theory (the kind Robert Mundell got a Nobel for in 1999) says that under these conditions, an economy is not responsive to fiscal policy (which is controlled by President and Congress); it responds almost entirely to monetary policy (which is set by Federal Reserve)…

Sources:

http://nobelprize.org/nobel_prizes/econo…
http://nobelprize.org/nobel_prizes/econo…

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