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(Revised March 1997)
Crisis at the Federal Reserve: Arthur Burns and the Stagflation of 1973-75
Briefly examines the history of the Federal Reserve System up through 1970 and then delves into how the central bank, under the leadership of Arthur F. Burns, responded to the "stagflation" of the early 1970s. It culminates with the Federal Reserve's response to the severe 1974-1975 recession.
Keywords: Central Banking;
Inflation and Deflation;