Full employment is better than high unemployment if it can be accomplished without inflation, Greenspan thought. If a bubble develops, and if the bubble does not deflate but collapses, threatening to cause a depression, the Fed would have the policy tools to short-circuit that chain.
格林斯潘认为，如果没有通货膨胀，充分就业就比高失业状况好。若是泡沫发展，并且若其不是缩小，而是崩溃，产生导致萧条的风险，美联储也将拥有阻断这一链条的政策工具。