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Ben Bernanke's press conference is repeatedly being described as the first press conference by a Federal Reserve Chairman in the 98-year history of the Federal Reserve. Yet I have before me the "Transcript of Press Conference with Paul A. Volcker, Chairman" on October 6, 1979. This was right after the historic meeting where the Fed changed its operating procedures to nonborrowed reserve targeting (I know, you want to know more - look it up). Is there some sense in which Bernanke's press conference is different in kind from Volcker's?
Showing posts with label Paul Volcker. Show all posts
Showing posts with label Paul Volcker. Show all posts
Happy (belated) non-borrowed reserves targeting day
Friday, October 7, 2011
How come none of the economics blogs I follow regularly noted that yesterday was the 30th anniversary of Paul Volcker's announcement that the Fed would begin targeting non-borrowed reserves rather than the federal funds rate? This decision was the beginning of the end of the Great Inflation that wracked the economy in the 1970s. It was such a historical milestone that today no respectable macroeconomist will run a regression on post-war US data without acknowledging the likelihood of a structural break in 1979:Q4.
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