Inflation
One part of the Fed's dual mandate is price stability. Price stability means that inflation remains low and stable over the longer run.
Customers buying up tea before the price rise, Brisbane, Australia, 1954 (via Wikimedia Commons)
Last updated October 12, 2023
Essays in This Theme
The Great Inflation - The Great Inflation was the defining macroeconomic period of the second half of the twentieth century. Lasting from 1965 to 1982, it led economists to rethink the policies of the Fed and other central banks.
Nixon Ends Convertibility of US Dollars to Gold and Announces Wage/Price Controls - President Nixon's 1971 economic plan, sometimes referred to as "Nixonomics," ended gold convertibility and imposed wage and price controls
Oil Shock of 1973–74 - An oil embargo in the early 1970s complicated the U.S. macroeconomic environment
Oil Shock of 1978–79 - The second oil shock of the 1970s was associated with events in the Middle East
Roosevelt's Gold Program - The controversial and consequential policies of FDR regarding gold and dollars
Volcker's Announcement of Anti-Inflation Measures - In 1979, Fed Chairman Paul Volcker announced new anti-inflation measures
