Sat. Oct 19th, 2019

Mysteries of monetary policy


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One of the notable facts of post-war economic history is the domestication of inflation in the United States and many other countries achieved since the mid-eighties. Before that, the inflation rate in U.S (according to the deflator of personal consumption expenses) it was 6.6% annual on average during the seventies, and exceeded 10% in 1979-1980.

In the early and mid-1970s, Presidents Richard Nixon and Gerald Ford tried to contain inflation with an unfortunate combination of price controls and exhortations, coupled with a moderate monetary restriction. But then came President Jimmy Carter, who, after maintaining this strategy for some time, in August 1979 appointed Paul

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