#2004-033A "The Reform of October 1979: How It Happened and Why"
by David E. Lindsey, Athanasios Orphanides, and Robert H. Rasche
December 2004

This study offers a historical review of the monetary policy reform of October 6, 1979. It lays out the historical record from the start of 1979 through the spring of 1980, relying almost exclusively upon contemporaneous sources, including the transcripts of Federal Open Market Committee (FOMC) meetings during 1979. More...