This paper estimates a dynamic Taylor-type model in order to analyze the behavior of the Federal Reserve under the leadership of three different Fed chairs: Arthur Burns, Paul Volcker, and Alan Greenspan. The model proves useful in distinguishing the conduct of monetary policy under each. Burns is found to have paid little attention to inflation and inflationary pressures. Volcker focused on reducing actual inflation during his first term while turning his attention to the GDP gap and inflationary pressures in his second term. Greenspan emphasized preemptive strikes against inflation as indicated by high weights attributed to the GDP gap and expected inflation.