By TheStreet Staff What Was the Great Inflation?The Great Inflation was a period of high inflation in the U.S. from 1965 to 1982. Some economists, though, limit the timeframe to the 1970s, when inflation peaked and subsided before peaking again. The government passed a series of measures and legislation to control high levels of inflation and unemployment, both of which contributed to stagflation. For the Federal Reserve, the Great Inflation consequently changed its approach on inflation and employment, by focusing on a dual mandate in monetary policy to target inflation at 2 percent and to re…