collapse of the Bretton Woods System between 1971 and 1973 was rising US inflation since 1965. It was driven in turn by … imports and a ninety-day wage-price freeze), was that US inflation, driven by macro-policies, was the main problem facing the … Arthur F. Burns, Nixon adopted wage and price controls to mask the inflation, hence punting the problem into the future. I …

inadequate policy tools and theory from the interwar period, set the stage for the Great Inflation of the 1970s. The lessons from … that experience have convinced monetary authorities to reemphasize the goal of low inflation, as it were, committing …