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Finance and Economics Discussion Series
Finance and Economics Discussion Series logo links to FEDS home page The Road to Price Stability
Athanasios Orphanides

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.

Keywords: Price stability, monetary policy, Paul Volcker, Alan Greenspan.

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Last update: March 9, 2006