Monetary theory and policy have been revolutionized in the two decades since October 1979, when the Federal Reserve under the leadership of Paul Volcker moved to stabilize inflation and bring it down. On the side of practice, the decisive factor was the demonstration that monetary policy could acquire and maintain credibility for low inflation, and improve the stability of both inflation and output relative to potential.
Stored only when both papers are in the corpus — 42 citations exist upstream.
Imported from OpenAlex (CC0) — nothing here is generated.