INFLATION:
How the Fed Slew Inflation*

By Michael J. Boskin

Plenty of economists doubted that it could be done, but the Federal Reserve Board managed to cut inflation from the double-digit rates of the 1970s to the modest single-digit rates of today. Hoover fellow Michael J. Boskin explains how Paul Volcker and Alan Greenspan slew the dragon--and taught consensus opinion a lesson.

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Michael J. Boskin is a senior fellow at the Hoover Institution and the T. M. Friedman Professor of Economics at Stanford University. He is also a research associate at the National Bureau of Economic Research, serves on several federal advisory panels, and advises heads of state, finance ministries, and central banks around the world. Among other posts, he served as chairman of the President's Council of Economic Advisers from 1989 to 1993.