CONTENTS

  1. Introduction 1
  2. 1    Fiscal Policy on the New Frontier 7
  3. 2    Inflation and the Rise of Monetarism 27
  4. 3    The Phillips Curve Becomes Vertical 45
  5. 4    Nixon, Burns, and the Political Business Cycle 59
  6. 5    Stagflation and Its Aftermath 75
  7. 6    Inflation and the Rational Expectations Revolution 94
  8. 7    Carter, Volcker, and the Conquest of Inflation 109
  9. 8    Reaganomics and the Clash between Monetary and Fiscal Policy 133
  10. 9    The Long Expansion of the 1980s 152
  11. 10  Deficits Crowd Out Fiscal Policy, 1982–1998 173
  12. 11  The Long Boom of the 1990s 198
  13. 12  The 2000s: The Job-Loss Recovery and the Bubbles 227
  14. 13  The Financial Crisis and the Great Recession 246
  15. 14  All Together Now: The Fed and the Treasury Join Hands 268
  16. 15  The Aftermath and the Backlash 294
  17. 16  The Record Expansion of the 2010s 312
  18. 17  Trumponomics before the Pandemic 330
  19. 18  Responding to the Great Pandemic 344
  20. 19  Sixty Years of Monetary and Fiscal Policy: What’s Changed? 369
  21. References 393
  22. Index 415