Great Inflation

Close-up of a "Whip Inflation Now" [WIN] button, President Ford's symbol of the fight against 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.

Garn-St Germain Act

The 1982 Act aimed to ease pressures on depository institutions as the Fed acted to curb inflation

Unemployed Chicagoans line up to apply for insurance at the Bureau of Unemployment, 1981.

Recession of 1981-82

This economic downturn was triggered by tight monetary policy in an effort to fight inflation

Chairman Volcker speaks at a meeting of administration officials and congressional leaders in 1980

Monetary Control Act

The 1980 Act was one of the most important laws to affect the Fed in its 100-year history

May 13, 1985: Depositors line up to withdraw money from a Baltimore bank following the court order that limited depositors' cash withdrawals until a purchaser was found for the troubled savings and loan.

Savings and Loan Crisis

The 1980s was a period of distress for the financial sector, especially savings and loans

Paul Volcker prior to appearing on the Senate Banking Committee Panel in 1979

Fed’s Anti-Inflation Actions

In 1979, Fed Chairman Paul Volcker announced new anti-inflation measures

Senator Muriel Humphrey shakes hands with President Jimmy Carter after the signing of the Humphrey-Hawkins Act

Full Employment and Balanced Growth Act

Commonly called Humphrey-Hawkins, the 1978 Act set new goals for the nation’s economic policymakers

May 9, 1979: Cars line up outside a filling station on the first day of gas rationing imposed on nine California counties following the revolution in Iran that caused a shortage of crude oil.

Oil Shock of 1978-79

The second oil shock of the 1970s was associated with events in the Middle East

Fed Chairman Arthur Burns (left) with President Jimmy Carter, future Fed Chairman G. William Miller, and Miller's wife Ariadna Miller

Federal Reserve Reform Act

This 1977 law was instrumental in shaping the current Fed

Community Reinvestment Act

The Federal Reserve and other federal banking agencies have implemented the CRA since its passage in 1977

Sign reading "Gas shortage! Sales limited to 10 gallons of gas per customer" posted at a Connecticut filling station during the energy crisis

Oil Shock of 1973-74

An oil embargo in the early 1970s complicated the U.S. macroeconomic environment

Rinaldo Ossola, deputy governor of the Bank of Italy (left) chats with John Connally (right), U.S. Treasury Secretary and chairman of the meeting of the Group of Ten at the December 1971 meeting at the Smithsonian

Smithsonian Agreement

An attempt to rescue the Bretton Woods global monetary system in 1971

President Nixon prepares to announce new economic policies on a television broadcast.

Gold Convertibility Ends

President Nixon's 1971 economic plan, sometimes referred to as "Nixonomics," ended gold convertibility and imposed wage and price controls