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The Road to Price Stability

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  • 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.
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Suggested Citation

  • Athanasios Orphanides, 2006. "The Road to Price Stability," American Economic Review, American Economic Association, vol. 96(2), pages 178-181, May.
  • Handle: RePEc:aea:aecrev:v:96:y:2006:i:2:p:178-181
    Note: DOI: 10.1257/000282806777212567
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/000282806777212567
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    References listed on IDEAS

    as
    1. Lindsey, David E. & Orphanides, Athanasios & Rasche, Robert H., 2013. "The Reform of October 1979: How It Happened and Why," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 487-542.
    2. Alan Greenspan, 2004. "Risk and Uncertainty in Monetary Policy," American Economic Review, American Economic Association, vol. 94(2), pages 33-40, May.
    3. Orphanides, Athanasios & Wilcox, David W, 2002. "The Opportunistic Approach to Disinflation," International Finance, Wiley Blackwell, vol. 5(1), pages 47-71, Spring.
    4. Orphanides, Athanasios, 2003. "Historical monetary policy analysis and the Taylor rule," Journal of Monetary Economics, Elsevier, vol. 50(5), pages 983-1022, July.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. 'A Century of U.S. Central Banking: Goals, Frameworks, Accountability'
      by Mark Thoma in Economist's View on 2013-07-10 18:48:26

    Citations

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    Cited by:

    1. Davide Debortoli & Ricardo Nunes, 2011. "Monetary regime switches and unstable objectives," International Finance Discussion Papers 1036, Board of Governors of the Federal Reserve System (U.S.).
    2. Ana-Maria Fuertes & Shelagh Heffernan & Elena Kalotychou, 2010. "How do UK Banks React to Changing Central Bank Rates?," Journal of Financial Services Research, Springer;Western Finance Association, vol. 37(2), pages 99-130, June.
    3. Carré, Emmanuel, 2013. "La cible d’inflation de la Fed : continuité ou rupture ?," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 14.

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