The Anatomy of Single-Digit Inflation in the 1960s

Jeremy B. Rudd
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Jeremy B. Rudd: https://www.federalreserve.gov/econres/jeremy-rudd.htm

No 2022-029, Finance and Economics Discussion Series from Board of Governors of the Federal Reserve System (U.S.)

Abstract: Recently, the experience of the 1960s—when the U.S. inflation rate rose rapidly and persistently over a comparatively short period—has been invoked as a cautionary tale for the present. An analysis of this period indicates that the inflation regime that prevailed in the 1960s was different in several key regards from the one that prevailed on the eve of the pandemic. Hence, there are few useable lessons to be drawn from this experience, save that monetary policymaking remains a difficult undertaking.

Keywords: Great Inflation; Martin Fed; Volcker disinflation; Inflation dynamics (search for similar items in EconPapers)
JEL-codes: E31 E52 N12 (search for similar items in EconPapers)
Pages: 32 p.
Date: 2022-05-20
New Economics Papers: this item is included in nep-cba, nep-his, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfe:2022-29

DOI: 10.17016/FEDS.2022.029

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