March/April Part 2 issue of Review marks historic Fed policy change
This Review contains analysis and discussion presented at a Bank conference last October that marked the 25th anniversary of a major monetary policy reform: On October 6, 1979, under the Chairmanship of Paul Volcker, the Federal Reserve implemented policy to end the "Great Inflation" that had taken hold of the economy at the time. The Fed reaffirmed its commitment to maintain price stability and restored the public’s confidence, setting the stage for the nation's economic prosperity over the past two and a half decades. The issue contains presentations by leading economists and current members of the Board of Governors, as well as personal reflections by the policymakers and Fed officials who were in office at the time of this reform.