This is the third in a series discussing the role of the Federal Reserve System in fighting inflation. The first two articles dealt with the role of the Federal Reserve in its management of current inflation.

At this point, it may be helpful to think back to the last time the United States had severe inflation. The information in this article comes from a variety of sources, one of which is a website called “Digital History” sponsored by the University of Houston. During the period covered by this article, it will be noted that unsuccessful attempts were made to control inflation, resulting in policy reversals.

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Banker Phares is a practicing attorney and founding member of the Texas Board of Legal Specialization’s Estate Planning and Probate Law certification. He is John and Karen Mast Professor at the SFA and teaches in the Department of Economics and Finance.

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