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CHICAGO--Federal Reserve Chairman Alan Greenspan, in a speech before the Economic Club of Chicago in late June, played down the economic impact of recent high energy costs but cautioned that the energy markets and "their impact on the cyclical behavior of the macroeconomy" must be closely monitored.
"The short-term energy problems we are experiencing for gasoline, natural gas, and electric power will be resolved, one hopes, without any further adverse impact on our economy. Nonetheless, the developments of the past couple of years have brought renewed attention to the longer-run prospects for energy markets in the United States," he said.
While not …