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Credit controls: 1980

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Author Info

  • Stacey L. Schreft

Abstract

Experience suggests that in times of rising inflation and interest rates, political support emerges for the use of credit controls. In the U.S., such controls were last used in 1980. This article examines the 1980 controls and argues that the program had unintended and unforeseen effects that contributed to the severity of the 1980 recession.

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File URL: http://www.richmondfed.org/publications/research/economic_review/1990/pdf/er760603.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Richmond in its journal Economic Review.

Volume (Year): (1990)
Issue (Month): Nov ()
Pages: 25-55

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Handle: RePEc:fip:fedrer:y:1990:i:nov:p:25-55:n:v.76no.6

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Related research

Keywords: Credit ; Credit Control Act of 1969;

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Cited by:
  1. Scott Brave & R. Andrew Butters, 2012. "Diagnosing the Financial System: Financial Conditions and Financial Stress," International Journal of Central Banking, International Journal of Central Banking, vol. 8(2), pages 191-239, June.
  2. Jesús Fernández-Villaverde & Pablo Guerrón-Quintana & Juan F. Rubio-Ramírez, 2010. "Reading the recent monetary history of the United States, 1959-2007," Review, Federal Reserve Bank of St. Louis, issue May, pages 311-338.
  3. Olivier Coibion, 2012. "Are the Effects of Monetary Policy Shocks Big or Small?," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(2), pages 1-32, April.
  4. Andrew Levin & John B. Taylor, 2010. "Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation," NBER Working Papers 15630, National Bureau of Economic Research, Inc.
  5. Stacey L. Schreft & Raymond E. Owens, 1991. "Survey evidence of tighter credit conditions: what does it mean?," Economic Review, Federal Reserve Bank of Richmond, issue Mar, pages 29-34.
  6. Marvin Goodfriend, 2007. "How the World Achieved Consensus on Monetary Policy," NBER Working Papers 13580, National Bureau of Economic Research, Inc.

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