Political Pressures on Monetary Policy during the US Great Inflation
Document Type
Article
Publication Date
2012
Department 1
Economics
Abstract
A historical and empirical analysis of the Federal Reserve’s motivations in conducting monetary policy during the 1970s. I find that the Fed allowed inflation to rise because there was no political support for the measures – raising interest rates and risking recession – necessary to bring inflation under control.
Recommended Citation
Weise, Charles L. “Political Pressures on Monetary Policy during the US Great Inflation.” American Economic Journal: Macroeconomics 4.2 (2012): 33-64.