In Defense of Arthur Burns, What Really Ends Inflation?

The standard narrative is that Arthur Burns, the Fed Chair in the 1970s, was hopelessly behind the curve on interest rates. There's a school of thought that what actually killed the 1970s inflation was essentially the price of oil. That was the real reason why inflation ended and not Folker's rate hikes. You could make the argument that Arthur Burns gets some credit for that because by keeping interest rates lower than you would otherwise expect them to be.

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