Chris Hughes on the Legacy of Arthur Burns and its Implications for Macro Policy Today
Macro Musings with David Beckworth
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Arthur Burns' View of the Economy of Inflation
Bob Hessel: Arthur Burns' view is that monetary policy can influence inflation, but it's a blunt tool and not the most important one. He took seriously the supply side shocks, powers of unions, corporations. Bob Hessel: It was clear to everyone then, and we can judge them for it now or not, but that higher rates were not some kind of magical answer to the problem. And so on that backdrop, I think Burns is pretty sanguine about the role of interest rate controls.
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