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From Volcker to China: The “Great Moderation” Begins

In: A Century of Global Economic Crises

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  • Lúcio Vinhas de Souza

    (Havard University)

Abstract

As described in Chap. 3 , the effects of another “policy mistake”, this one persistently overly accommodative US monetary policy (the opposite of what was done during the “Great Depression”) to both external price shocks and domestic fiscal expansion soon became apparent. Administrative attempts to control price increases, from the Nixon administration wage and price controls to the Ford administration 1974 “Whip Inflation Now” program failed (as they would later in Latin America, see Sects. 4.4 and 4.5). As said in Chap. 3 , by the late 1970s inflation expectations had become “unanchored” (see Fig. 4.1), and therefore economic agents expected further price increases.

Suggested Citation

  • Lúcio Vinhas de Souza, 2024. "From Volcker to China: The “Great Moderation” Begins," Springer Books, in: A Century of Global Economic Crises, chapter 0, pages 45-65, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-53460-7_4
    DOI: 10.1007/978-3-031-53460-7_4
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