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In 1981, Volcker famously broke the back of inflation through a policy of high interest rates, Barro

By sticking to this policy despite a recession, he convinced financial markets, businesses, and households that the Fed would henceforth do whatever was necessary to ensure low and stable inflation.

ROBERT J. BARRO Project Syndicate 25 February 2021


But no one really knows why inflation has been subdued for so long.

ROBERT J. BARRO Project Syndicate 4 July 2019


- Most mainstream macroeconomic theoretical innovations since the 1970s (the New Classical rational expectations revolution associated with such names as Robert E. Lucas Jr., Edward Prescott, Thomas Sargent, Robert Barro etc, have turned out to be self-referential, inward-looking distractions at best.  


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