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We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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Economic Quarterly

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Winter 1998

Arthur Burns and Inflation

Robert L. Hetzel

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Arthur Burns, Chairman of the Federal Open Market Committee of the Federal Reserve System from February 1970 until December 1977, was fiercely opposed to inflation. Yet, over his eight-year tenure, prices increased at an annualized rate of 6.5 percent. Why? One reason was Burns's belief that inflation arose from a variety of special factors, each of which was largely out of the control of the Federal Reserve.

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Lisa Kenney (804) 697-8179

Economic Quarterly

Winter 1998

Arthur Burns and Inflation

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