Managing a New Policy Framework: Paul Volcker, the St. Louis Fed, and the 1979-82 War on Inflation

Kevin Kliesen and David Wheelock on this paper have a look at how Federal Reserve and Volcker managed to decrease inflation in 1979-82 interval: In October 1979, Federal Reserve Chairman Paul Volcker persuaded his Federal Open Market Com­mittee (FOMC) colleagues to undertake a brand new coverage framework that (i) accepted duty for controlling inflation and (ii) carried out new […]