Details

Autor(en) / Beteiligte

• Romer, Christina D.
• Romer, David H.

Titel

A Rehabilitation of Monetary Policy in the 1950's

Ist Teil von

• The American economic review, 2002-05, Vol.92 (2), p.121-127

Ort / Verlag

Nashville: American Economic Association

Erscheinungsjahr

2002

Link zum Volltext

Quelle

EBSCOhost Business Source Ultimate

Beschreibungen/Notizen

• This paper suggests an alternative view of monetary policy in the 1950s, and hence a possible solution to the mystery of that decade's outstanding economic performance. It is shown that policy in the 1950s was actually quite sophisticated. Narrative evidence on the motivation of policymakers and their understanding of the economy shows that the Federal Reserve of the 1950s was remarkably similar to the Federal Reserve of the 1990s. In particular, the Federal Reserve in the early postwar era showed the same overarching concern about inflation that is the hallmark of post-Paul Volcker monetary-policy orthodoxy.