Vox's Dylan Matthews joins Matt and Dara for another step into Weeds Time Machine: a visit to the past to review some now-forgotten chapter in policy history. This week, it's a return to the late 1970s and a reexamination of "Volcker shock": an attempt by Fed Chairman Paul Volcker to cope with rising inflation, and the myriad consequences of his efforts. Our hosts discuss the oil crisis, stagflation, the curious relationship between central banking and fiscal policy, and give some much-needed reanalysis to this crucial and topsy-turvy time in American history.

We are conducting an audience survey to better serve you. It takes about five minutes, and it really helps out the show. Please take our survey here: vox.com/survey

Charts: Unemployment in the 1970s & Inflation in the 1970s

"America's Peacetime Inflation: The 1970s" by J. Bradford De Long in Reducing Inflation: Motivation and Strategy, eds. Christina D. Romer and David H. Romer (U. Chicago; 1997)

"Commentary" [on 1970s inflation] by Christina D. Romer (Federal Reserve Bank of St. Louis Review; 2005)

Keeping At It: The Quest for Sound Money and Good Government by Paul Volcker (Public Affairs; 2018)

"Other People's Blood" by Tim Barker (n+1; 2019)

"Paul Volcker Was a Hero of the Ruling Class" by Doug Henwood (Jacobin; 2019)

The Economists' Hour: False Prophets, Free Markets, and the Fracture of Society by Binyamin Appelbaum (Little, Brown; 2019)

"What really drives inflation" [on "Regulation Q"] by Itamar Drechsler, Alexi Savov, Philipp Schnabl (Sept. 11, 2019)

"Paul Volcker's Complicated Latin American Legacy" by Tyler Cowen (Bloomberg; Dec. 10, 2019)

"The Rise of Finance" by Jonathan Levy (Public Books; Nov. 22, 2011)

Matt Yglesias (@mattyglesias), Slowboring.com

Dara Lind (@DLind), Immigration Reporter, ProPublica

Dylan Matthews (@dylanmatt), Senior Correspondent, Vox

Erikk Geannikis (@erikk38), Producer

Ness Smith-Savedoff, Engineer

As the Biden administration gears up, we'll help you understand this unprecedented burst of policymaking. Sign up for The Weeds newsletter each Friday: vox.com/weeds-newsletter.

The Weeds is a Vox Media Podcast Network production.

Want to support The Weeds? Please consider making a contribution to Vox: bit.ly/givepodcasts

About Vox

Vox is a news network that helps you cut through the noise and understand what's really driving the events in the headlines.

Follow Us: Vox.com

Facebook group: The Weeds

Learn more about your ad choices. Visit podcastchoices.com/adchoices