{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='USA: GREENSPAN DEFENDS INTEREST RATE RISES' data-url='/boclips/videos/5c54c334d8eafeecae15f8a4' data-video-url='/boclips/videos/5c54c334d8eafeecae15f8a4' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nUSA: GREENSPAN DEFENDS INTEREST RATE RISES\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/NatThe United States Federal Reserve Chairman Alan Greenspan has defended interest rate rises over the past 10 months as necessary for keeping inflation at bay.Economists believe that continuing low unemployment and other...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eThe United States Federal Reserve Chairman Alan Greenspan has defended interest rate rises over the past 10 months as necessary for keeping inflation at bay.\u003cbr/\u003eEconomists believe that continuing low unemployment and other indications of economic strength make it likely the central bank will raise rates even more in the months ahead.\u003cbr/\u003eWhile optimistic productivity gains could be maintained, head of the U-S Federal Reserve, Alan Greenspan said that interest rates would have to rise to stem overheating of the economy.\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"To have done otherwise - to have held the federal funds rate at last year's level even as credit demands and market interest rates rose - would have required an inappropriately inflationary expansion of liquidity.\" \u003cbr/\u003eSUPER CAPTION: Alan Greenspan, Chairman, Federal Reserve Board\u003cbr/\u003eMany analysts are looking for at least two more quarter-point increases in the federal funds rate in May and June.\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"We need to be careful to keep inflationary pressures contained. The evidence that inflation inhibits economic growth and job creation is too credible to ignore.\" \u003cbr/\u003eSUPER CAPTION: Alan Greenspan, Chairman, Federal Reserve Board\u003cbr/\u003eGreenspan said America is reaping the benefits brought about by a revolution in the use of computers and other high-tech devices to make workers more productive.\u003cbr/\u003eThe U-S economy is consequently enjoying fast growth, the lowest unemployment rates in a generation and low inflation.\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"When historians look back at the latter half of the 1990s, a decade or two hence, I suspect that they will conclude we are now living through a pivotal period in American economic history. New technologies that evolved from the cumulative innovations of the past half century have now begun to bring about dramatic changes in the way goods and services are produced and in the way they are distributed to final users.\" \u003cbr/\u003eSUPER CAPTION: Alan Greenspan, Chairman, Federal Reserve Board\u003cbr/\u003eProductivity showed a lacklustre increases of around 1 percent for two decades beginning in 1973.\u003cbr/\u003eBut in the last four years, productivity gains have shot up to nearly 3 percent annually.\u003cbr/\u003eGreenspan said much of the pickup in productivity would last, although he cautioned that the jury is still out.\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"Despite the fact that there exists uncertainty about the pace of productivity growth in the years to come, knowledge is essentially irreversible, so much - if not most - of the recent gains in productivity appear permanent.\" \u003cbr/\u003eSUPER CAPTION: Alan Greenspan, Chairman, Federal Reserve Board\u003cbr/\u003eRising productivity is the key ingredient in improving living standards. \u003cbr/\u003eIt allows businesses to pay workers more, based on increased output, rather than having to raise product prices, which would be inflationary.\u003cbr/\u003eNew York, NY and Washington, DC, U-S -  7 April 2000\u003cbr/\u003eNew York, NY\u003cbr/\u003e1. Wide pan of exchange floor of NYSE\u003cbr/\u003eWashington, DC\u003cbr/\u003e2. SOUNDBITE: (English) Alan Greenspan, Chairman, Federal Reserve Board\u003cbr/\u003eNew York, NY\u003cbr/\u003e3. NYSE opening bell\u003cbr/\u003eWashington, DC\u003cbr/\u003e4. SOUNDBITE: (English) Alan Greenspan, Chairman, Federal Reserve Board\u003cbr/\u003eNew York, NY\u003cbr/\u003e5. CU NYSE index\u003cbr/\u003eWashington, DC\u003cbr/\u003e6. SOUNDBITE: (English) Alan Greenspan, Chairman, Federal Reserve Board\u003cbr/\u003eNew York, NY\u003cbr/\u003e7. Floor of the NYSE\u003cbr/\u003eWashington, DC\u003cbr/\u003e8. SOUNDBITE: (English) Alan Greenspan, Chairman, Federal Reserve Board\u003cbr/\u003eNew York, NY\u003cbr/\u003e9. 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id='concepts-heading'\u003eConcepts\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list concepts' data-identifier='Boclips::VideoDecorator' data-type='concepts'\u003einflation, new york, productivity, north america, monetary policy, prices, business, economy\u003c/div\u003e\n\u003cdiv class='concepts-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='additional-tags-heading' 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