One part of the Fed's dual mandate is price stability. Price stability means that inflation remains low and stable over the longer run.
In 1979, Fed Chairman Paul Volcker announced new anti-inflation measures
The second oil shock of the 1970s was associated with events in the Middle East
An oil embargo in the early 1970s complicated the U.S. macroeconomic environment
President Nixon's 1971 economic plan, sometimes referred to as "Nixonomics," ended gold convertibility and imposed wage and price controls
The defining macroeconomic period of the second half of the 20th century lasted from 1965 to 1982