Skip to Main Content

Economic Quarterly

Spring 1993

Central Banking: Then and Now

J. Alfred Broaddus, Jr.

A comparison of the Fed’s efforts to restore price stability in the 1920s and 1980s shows that considerable progress was made in both periods, despite the absence of an explicit, unambiguous price stability mandate at either time. Whereas the existence of the gold standard reinforced and legitimized the Fed's efforts in the earlier period, no such reinforcement exists currently.

Contact Us

Lisa Kenney
(804) 697-8179

Publications image
Get Our Free Publications

To receive a notification by email when Economic Quarterly is posted online or to order single copies of past issues, click on the links below (published online only since 2012).