Keywords: Price stability, monetary policy, Paul Volcker, Alan Greenspan.
Abstract: Nearly a quarter-century after Paul Volcker's declaration of war on inflation on October 6, 1979,
Alan Greenspan declared that the goal had been achieved. Drawing on the extensive historical record,
I examine the views of Chairmen Volcker and Greenspan on some aspects of the evolving monetary policy debate
and explore some of the distinguishing characteristics of the disinflation.
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Last update: March 9, 2006