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Interest Rate Policy and the Inflation Scare Problem: 1979-1992

By Marvin Goodfriend

Economic Quarterly

Winter 1993

Institutional knowledge of Federal Reserve policy procedures, simple economic theory, and the inflation scare concept explain interest rate policy as practiced by the Fed since 1979. The focus is the primary policy problem during the period: the acquisition and maintenance of credibility for the commitment to low inflation.

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Lisa Davis