The Great Inflation and Volcker disinflation (1965-1987)

1. Inflation begins rising in mid-1960s U.S. economy

   Jan 1, 1965Labels: United States, Great Inflation

   • FedHistory
   • Fed IFDP

2. Nixon ends gold convertibility and imposes controls

   Aug 15, 1971Labels: Richard Nixon, Bretton Woods

   • State Hist
   • Natl Archives

3. OPEC oil embargo triggers first major oil shock

   Oct 17, 1973Labels: OPEC, Oil Embargo

   • Britannica
   • History com

4. Humphrey–Hawkins Act formalizes Fed reporting goals

   Oct 27, 1978Labels: Humphrey Hawkins, U S

   • FedHistory
   • Wikipedia

5. Paul Volcker becomes Federal Reserve Chair

   Aug 6, 1979Labels: Paul Volcker, Federal Reserve

   • FedHistory
   • Fed IFDP

6. Fed adopts new operating procedures to restrain money

   Oct 6, 1979Labels: Federal Open, Monetary Policy

   • FRBSF
   • Fed IFDP

7. 1980 recession begins amid tight monetary policy

   Jan 1, 1980Labels: 1980 Recession, NBER

   • NBER
   • Fed Board

8. Monetary Control Act expands Fed authority

   Mar 31, 1980Labels: Monetary Control, Depository Institutions

   • Fed Statutes
   • FedHistory

9. NBER dates trough of 1980 recession

   Jul 1, 1980Labels: NBER, 1980 Trough

   • NBER
   • Fed Board

10. Federal funds rate peaks near June 1981

    Jun 1, 1981Labels: Federal funds, Federal Reserve

    • CRS
    • FedHistory

11. 1981–1982 recession begins as tightening continues

    Jul 1, 1981Labels: 1981 1982, NBER

    • NBER
    • FedHistory

12. Garn–St Germain Act responds to high-rate strains

    Oct 15, 1982Labels: Garn St, Thrift Crisis

    • FedHistory
    • Wikipedia

13. NBER dates recession trough; recovery begins

    Nov 1, 1982Labels: NBER, 1982 Recovery

    • NBER
    • FedHistory

14. Volcker’s Fed continues through 1980s “inflation scares”

    Jan 1, 1983Labels: Volcker Fed, Price Stability

    • FedHistory
    • Fed IFDP

15. Volcker leaves office, closing disinflation era

    Aug 11, 1987Labels: Paul Volcker, Fed Chair

    • FedHistory
    • Fed IFDP