The Reform of October '79: How it happened and why

This study in the Federal Reserve's Finance and Economics Discussion Series offers a historical review of the monetary policy reform of October 6, 1979, and discusses the influences behind it and its significance.

"We lay out the record from the start of 1979 through the spring of 1980, relying almost exclusively upon contemporaneous sources, including the recently released transcripts of Federal Open Market Committee (FOMC) meetings during 1979. We then present and discuss in detail the reasons

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