A popular mantra about monetary policy in the 1960s and 1970s taught that a free market economy could not achieve full employment and price stability without government intervention in market decisions about wages and prices. Governments made many efforts to supplement monetary and fiscal policies with an imaginative array of wage and price policies. All failed to control inflation.
One of the major legacies of monetary policy under Paul Volcker and Alan Greenspan is that this once popular idea
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