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Macroeconomics 7: The Fed & Volcker's Socks
Planet Money Summer School
Paul Volker's Hammer of a Weapon
After Paul Volker's announcement, inflation rises from 12% to 12.5%. A few months later, it goes up to 14%. It's like the worst superhero tool ever. The unemployment rate that was at 6% when Volker had that press conference started going up. In fact, after the announcement, inflation gets worse.
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