Monetary policy comes of age: a 20th century odyssey.

Economic Quarterly | January 1, 1997| | Copyright

In the early 1960s the Federal Reserve (Fed) was little known outside of the financial services industry and university economics departments. Twenty years later Fed Chairman Paul Volcker was one of the most recognized names in American public life. Now hardly a week goes by when the Fed is not featured prominently in the business news. The Fed was thrust into the limelight in the intervening years when the public came to associate it with inflation-fighting policy actions that raised interest rates and weakened economic activity. Even though inflation has been held in check ...

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