United States : Richmond Fed research challenges the Volcker Disinflation story.
The Richmond Feds latest Economic Brief challenges the standard narrative of the causes of the disinflation that occurred under former Federal Reserve Chairman Paul Volcker.
Economists often describe the Great Inflation of the 1970s as a failure of monetary policy actions of the Federal Reserve under former Chairman Arthur Burns. According to conventional wisdom, after Volcker became Fed chairman in 1979, he implemented abrupt changes in the conduct of monetary policy that curbed inflation. The Richmond Fed Economic Brief argues instead that Volckers actions were the culmination of a gradual shift in policy that began under Burns.
The Richmond Feds Economic Brief series provides web-exclusive essays on current economic issues and trends. Sign up to receive an email notification when a new essay is posted.
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|Date:||Nov 5, 2016|
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