The Path to Price Stability مقاله

خلاصه ماشینی:

The Road to Price Stability 1  Translator: Dr. Mohammad Nadali Abstract Nearly a quarter of a century after the declaration of war on inflation by Paul Volcker on October 6, 1979, Alan Greenspan stated that the desired goal has been achieved. Introduction About a quarter of a century after the declaration of war on inflation by Paul Volcker (on October 6, 1979), Alan Greenspan - his successor as Chairman of the Federal Reserve - stated that the desired goal has been achieved. 2. The Federal Open Market Committee (FOMC) It is still much too early to distinguish the role of monetary policy from other probable and effective factors on the comprehensive and incredible progress of the macroeconomy of the United States of America during the Volcker-Greenspan era; however, in any case, the policies that led to the establishment of price stability in the US economy undoubtedly played a positive and significant role in this great achievement, a result that is as important as the shift from implementing harmful macroeconomic policies focused on a highly inflationary situation to macroeconomic policies focused on a non-inflationary situation. In general, it can be said that the monetary policy of the Volcker-Greenspan era was implemented in a systematic manner and, by focusing on "maximizing the probability of simultaneously achieving the goals of price stability and maximum 1 sustainable and lasting economic growth", has acted successfully.