In a speech in September 1975, Fed Chairman Arthur Burns said the following:
There is no longer a meaningful trade-off between unemployment and inflation. In the current environment, a rapidly rising level of consumer prices will not lead to the creation of new jobs. . . . Highly expansionary monetary and fiscal policies might, for a short time, provide some additional thrust to economic activity. But inflation would inevitably accelerate- a development that would create even more difficult economic problems than we have encountered over the past year.
How do Burns's views in this speech compare with the views at the Fed in the late 1960s? Why do you think he specifically says that "in the current environment" there is no trade-off between unemployment and inflation?