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This paper investigates a variety of issues related to political aspects of monetary policymaking. The approach is anecdotal - it is based on our reading of textual records from meetings of the FOMC during Arthur Burns's years as Chairman of the Federal Reserve Board. These records include...
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We use evidence from detailed records of FOMC deliberations to argue that time inconsistency theory can help explain the excessive monetary expansion that characterized Arthur Burns's tenure as Federal Reserve Chairman (1970-1978). The records suggest that the Fed perceived a Phillips curve...
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