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- Title
What is the Monetary Standard, Or, How Did the Volcker-Greenspan FOMCs Tame Inflation?
- Authors
Hetzel, Robert L.
- Abstract
The article offers information on how the Volcker-Greenspan Federal Open Market Committees (FOMCs) controlled the inflation rate in the U.S. It mentions that monetary policy relinquished determination of real variables to the price system while providing a stable nominal anchor in the form of low, stable expected inflation. The FOMC during in the Volcker-Greenspan era reestablish the nominal expectational stability lost in the stop-go period rule-like behavior in the form of lean-against-the-wind (LAW) with credibility, which conditions the behavior of financial markets.
- Subjects
UNITED States; PRICE inflation; UNITED States. Federal Open Market Committee; MONETARY policy; NOMINAL measurement; ECONOMIC policy; TRADE regulation; FINANCIAL management; MARKETING strategy
- Publication
Economic Quarterly (10697225), 2008, Vol 94, Issue 2, p147
- ISSN
1069-7225
- Publication type
Article