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March/April 2005, Part 2

Reflections on Monetary Policy 25 Years After October 1979

Posted 2005-04-15

Contributing Authors

Posted 2005-04-15

Chairman's Remarks

by Alan Greenspan

Posted 2005-04-15

Editors' Introduction

by Athanasios Orphanides and Daniel L. Thornton

Posted 2005-04-15

Origins of the Great Inflation

by Allan H. Meltzer

The Great Inflation from 1965 to 1984 is the climactic monetary event of the last part of the 20th century. This paper analyzes why it started and why it continued for many years. Like others, it attributes the start of inflation to analytic errors, particularly the widespread acceptance of the simple Keynesian model with its implication that monetary and fiscal policy should be coordinated.

Posted 2005-04-15

Commentary on "Origins of the Great Inflation"

by Christina D. Romer

Posted 2005-04-15

The Reform of October 1979: How It Happened and Why

by David E. Lindsey, Athanasios Orphanides, and Robert H. Rasche

This study offers a historical review of the monetary policy reform of October 6, 1979, and discusses the influences behind it and its significance. We lay out the record from the start of 1979 through the spring of 1980, relying almost exclusively on contemporaneous sources, including the recently released transcripts of Federal Open Market Committee (FOMC) meetings during 1979.

Posted 2005-04-15

Commentary on "The Reform of October 1979: How It Happened and Why"

by Stephen H. Axilrod

Posted 2005-04-15

The Monetary Policy Debate Since October 1979: Lessons for Theory and Practice

by Marvin Goodfriend

Monetary theory and policy have been revolutionized in the two decades since October 1979, when the Federal Reserve under the leadership of Paul Volcker moved to stabilize inflation and bring it down. On the side of practice, the decisive factor was the demonstration that monetary policy could acquire and maintain credibility for low inflation, and improve the stability of both inflation and output relative to potential.

Posted 2005-04-15

Commentary on "The Monetary Policy Debate Since October 1979: Lessons for Theory and Practice"

by Laurence M. Ball

Posted 2005-04-15

The International Implications of October 1979: Toward a Long Boom on a Global Scale

by John B. Taylor

The author reflections on the international implications of the momentous event of October 1979 in the United States and the powerful lessons learned.

Posted 2005-04-15

Panel Discussion I: What Have We Learned Since October 1979?

by Ben S. Bernanke, Alan S. Blinder, and Bennett T. McCallum

Posted 2005-04-15

Panel Discussion II: Safeguarding Good Policy Practice

by Roger W. Ferguson Jr., Charles A. E. Goodhart, and William Poole

Posted 2005-04-15

Reflections:

Reflections on the October 6, 1979, Meeting of the FOMC

by Robert P. Black

Posted 2005-04-15

Reflections:

Personal Recollections

by Philip E. Coldwell

The author shares his personal recollections of the policy discussions in the years leading up to August 1979.

Posted 2005-04-15

Reflections:

Reflection on the FOMC Meeting of October 6, 1979

by Joseph H. Coyne

Posted 2005-04-15

Reflections:

Reflections on October 6, 1979, and Its Aftermath

by Charles Freedman

Posted 2005-04-15

Reflections:

What Remains from the Volcker Experiment?

by Benjamin M. Friedman

The author discusses how that the world of monetary policymaking in the United States has been somehow different since 1979, what exactly is different, and in what respects those differences stem from the innovations introduced in 1979.

Posted 2005-04-15

Reflections:

Why Did the Great Inflation Not Happen in Germany?

by Otmar Issing

The author discusses that although the United States suffered from the Great Inflation, Germany did not. This author discussed possible reasons for this outcome for Germany and lessons that can be drawn from such experiences.

Posted 2005-04-15

Reflections:

The International Consequences of the 1979 U.S. Monetary Policy Switch: The Case of Switzerland

by Georg Rich

The author discusses how fundamental changes in U.S. monetary policy in October 1979 were welcomed by key officials in the Swiss National Bank.

Posted 2005-04-15

Reflections:

The Changing Role of the Federal Reserve

by Frederick H. Schultz

The author discusses how the almost universal agreement developed that the U.S. budget should be in surplus and that the Federal Reserve that should be flexible in monetary policy in order to respond to changes in the economy.

Posted 2005-04-15

Reflections:

Aftermath of the Monetarist Clash with the Federal Reserve Before and During the Volcker Era

by Anna J. Schwartz

Posted 2005-04-15

Reflections:

Reflections

by Edwin M. Truman


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