{"title":"DOMESTIC STAGFLATION AND MONETARY POLICY: THE FEDERAL RESERVE AND THE HIDDEN ELECTION","authors":"G. Epstein","doi":"10.4337/9781788978415.00008","DOIUrl":null,"url":null,"abstract":"As Jerry Ford left the White House he handed Jimmy Carter three envelopes, instructing him to open them one at a time as problems became overwhelming. After a year, Carter opened the first envelope. It said, \"attack Jerry Ford.\" He did. A year later, Carter opened the second envelope. It said, \"attack the Federal Reserve.\" He did. Three years into his term, and even more overwhelmed by the economy, Iran, Afghanistan and so forth, Carter opened the third envelope. It said: \"prepare three envelopes.\" Paul Volcker, January 1981","PeriodicalId":355709,"journal":{"name":"The Political Economy of Central Banking","volume":"1 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2019-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"The Political Economy of Central Banking","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.4337/9781788978415.00008","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 3
Abstract
As Jerry Ford left the White House he handed Jimmy Carter three envelopes, instructing him to open them one at a time as problems became overwhelming. After a year, Carter opened the first envelope. It said, "attack Jerry Ford." He did. A year later, Carter opened the second envelope. It said, "attack the Federal Reserve." He did. Three years into his term, and even more overwhelmed by the economy, Iran, Afghanistan and so forth, Carter opened the third envelope. It said: "prepare three envelopes." Paul Volcker, January 1981
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