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The historical evidence A trigger-happy Fed

机译:历史证据触发美联储

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Rumours of inflation's impending rerurn should come as no surprise to those who know the Federal Reserve's history. Over the past two decades, prices have usually risen after periods in which the Fed loosened monetary policy. It may well overshoot this time too. Between July 1981 and November 1982, for instance, the central bank brought the federal-funds rate down by 11 points from the high levels needed to combat the price surges of the 1970s. Inflation dropped to 2.6% in June 1983, when the last of the easings should just have begun to bite. But by March 1984, the rate had risen back to 4.8%.
机译:对于那些知道美联储历史的人来说,通胀即将重演的谣言应该不足为奇。在过去的二十年中,在美联储放松货币政策之后,价格通常会上涨。这次也可能超调。例如,在1981年7月至1982年11月之间,中央银行将联邦基金利率从对抗1970年代价格飙升所需的高水平降低了11个点。 1983年6月,通货膨胀率降至2.6%,当时最后一次宽松政策应该刚刚开始实施。但是到1984年3月,这一比率又上升到4.8%。

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