First, what do you think caused the inflation of the 1970's? Do you think it was demand-pull or cost-push? Explain. Describe the monetary policy followed by Paul Volcker, who became Chair of the Federal Reserve in 1979. What do you think led to this policy? What were some of the results of this policy? What is the definition of "disinflation"?

Next, find what kind of monetary policy was followed by Fed Chair Greenspan. Do you agree with some who criticize this policy and say it contributed to the financial crisis which preceded the Great Recession of 2007-2009? Explain.

Finally, research any changes in the Federal Reserve's approach to inflation under Chair Jerome Powell. Do you think it can ever be possible that inflation is toolow?