Rethinking the Volcker Era

This chapter critically examines the legacy of former Fed Chair Paul Volcker, challenging the common narrative of his tenure while exploring the effects of his monetary policies on inflation and economic stability. The discussion highlights the transformation of the Federal Reserve's approach to monetary policy and the growing influence of fiscal measures in the post-COVID economy. It also delves into the complexities of a significant central bank balance sheet, raising important questions about the future of monetary and fiscal policies in light of current economic challenges.