The Federal Reserve’s great anti-hero deserves a second look
Lessons for modern policymakers from Arthur Burns
Since inflation took off, a former Federal Reserve chair has been on the minds of politicians and pundits. A number have argued that Jerome Powell, the current incumbent, must not become the next Arthur Burns. As chair of the Fed in the 1970s, Burns represents central-banking failure: a weak leader who blinked in the face of inflation and steered the economy towards disaster.
This article appeared in the Finance & economics section of the print edition under the headline “Arthur Burns, reconsidered”
Finance & economics December 24th 2022
From the December 24th 2022 edition
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