Did Demographics Cause 1970s Stagflation?

Demographic data may cause us to rewrite economic history, and think differently about our future.

Was the stagflation of the 1970s really a result of a compliant Federal Reserve turning on the taps to suit Richard Nixon ? That's the conventional wisdom. But an interesting series of posts that started with Steve Randy Waldman suggests that it was actually the result of the demographic changes of the 1970s. Here's Karl Smith, arguing that Fed Chairman Arthur Burns's problem was not bad character but bad models.

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