The politics of apolitical money: Paul Volcker and monetary policy in action

David Stein

Chapter 27 in The Elgar Companion to Modern Money Theory, 2024, pp 352-363 from Edward Elgar Publishing

Abstract: This chapter reexamines the role of Paul Volcker and the Federal Reserve in attempting to halt the inflation crisis of the late 1970s and early 1980s. By critically reassessing the political and distributional choices of the Volcker era, this chapter affirms the perspective that money is itself a legal governance project. By recognizing money as such, especially during the iconic “Volcker moment,” it aims to open political space for a robust debate about what precise forms the political management of inflation should take.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2024
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