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Essay / Research Paper Abstract
This 15 page paper examines the Volcker U.S. monetary policy "shock" of October 1979. National as well as global implications are examined, particularly as it applies to exchange rates. The subject is discussed in light of economic conditions as it existed in the sixties and seventies. The paper concludes with comments on the current state of the economy as well as its probably future. Bibliography lists 13 sources.
Page Count:
15 pages (~225 words per page)
File: D0_Volcker.doc
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the establishment and giving their time and money to the less fortunate. In the seventies, a great many people found themselves in dire circumstances where high inflation was the buzzword
and Vietnam vets had a difficult time finding employment. The American people, who were getting over the fact that the long war was ending and that financial pressures were
now upon them, were simply trying to hold onto their white picket fence dreams. Finally, in 1979, an event took place that, by some accounts, served to reverse the inflationary
trend. Surely it had a role. Some suggest that it was not simply the Volcker policy that paved the way for the phenomenal eighties, but certainly one would have to
admit that the policies implemented by Paul Volcker did have a profound effect on the economy. The Volcker U.S. monetary policy "shock" of October, 1979 was, for the most
part, a national success but it also had international repercussions on market yields and exchange rates. The exchange rates, in particular, were affected a great deal by a multitude of
economic factors and will be discussed in a later section. In general, the economic consequences were felt around the world. II. The Volcker US Monetary Policy "Shock" of
October 1979 The seventies were not good economic times but one would have to begin a bit earlier to see the inflationary trend at its inception. During the late
sixties many firms had to cope with seemingly endless times of government generated inflation (Seligman). In 1966, a serious increase was propelled by the Vietnam crisis and inflation rose to
nearly 4% (Seligman). In 1969, inflation rose again, to 6% (Seligman) and when the seventies began it seemed as though there was no end to the inflationary times. By
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