Finance and Economics Discussion Series (FEDS)
March 2006
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.
Full Paper (Screen Reader Version)Keywords: Price stability, monetary policy, Paul Volcker, Alan Greenspan
PDF: Full Paper
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