Arthur Burns and Inflation

24 Pages Posted: 21 Nov 2012

See all articles by Robert L. Hetzel

Robert L. Hetzel

Federal Reserve Banks - Federal Reserve Bank of Richmond

Date Written: 1998


Arthur Burns, Chairman of the Federal Open Market Committee of the Federal Reserve System from February 1970 until December 1977, was fiercely opposed to inflation. Yet, over his eight-year tenure, prices increased at an annualized rate of 6.5 percent. Why? One reason was Burns's belief that inflation arose from a variety of special factors, each of which was largely out of the control of the Federal Reserve.

Suggested Citation

Hetzel, Robert L., Arthur Burns and Inflation (1998). FRB Richmond Economic Quarterly, vol. 84, no. 1, Winter 1998, pp. 21-44, Available at SSRN:

Robert L. Hetzel (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Richmond ( email )

P.O. Box 27622
Richmond, VA 23261
United States

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