JOURNAL ARTICLE

RESPONSE TO JOSH HAUSMAN'S ESSAY.

  • Published In: Journal of Policy Analysis & Management, 2023, v. 42, n. 1. P. 314 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: DeLong, J. Bradford 3 of 3

Abstract

Instead, the expectations embedded in the economy were that wage inflation next year would be about what wage inflation had been this year - and perhaps a percentage point per year or so more. Arthur Burns, Fed Chair from 1970 to 1978, was too interested in having a strong economy while his friend and patron Richard Nixon ran for reelection in 1972, and did not believe that Congress would let him keep interest rates high enough for long enough to cure inflation by monetary policy. Josh ends his article with, "I would like to be wrong in my worries about inflation. The Fed raised interest rates after the Yom Kippur War oil shock to control inflation; then, after inflation peaked, it lowered them to try to restore full employment. [Extracted from the article]

Additional Information

  • Source:Journal of Policy Analysis & Management. 2023/01, Vol. 42, Issue 1, p314
  • Document Type:Article
  • Subject Area:Power and Energy
  • Publication Date:2023
  • ISSN:0276-8739
  • DOI:10.1002/pam.22445
  • Accession Number:161365263
  • Copyright Statement:Copyright of Journal of Policy Analysis & Management is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

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