Great Inflation
The Rebirth of Modern Central Banking
1st Edition
Published on 28. June 2013
515 pages
978-0-226-04355-5 (ISBN)
Description
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity.This volume focuses on understanding the causes of the Great Inflation of the 1970s and '80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period's rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today's global and increasingly complex economic environment.
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06/2013
University of Chicago Press
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Content
- Intro
- CONTENTS
- Preface
- Introduction
- Practical Experiences in Reducing Inflation: The Case of New Zealand
- Practical Experiences in Reducing Inflation: The Case of Canada
- 1. The Great Inflation: Did the Shadow Know Better?
- 2. The Supply- Shock Explanation of the Great Stagflation Revisited
- 3. The Great Inflation Drift
- 4. Falling Behind the Curve: A Positive Analysis of Stop- Start Monetary Policies and the Great Inflation
- 5. Monetary Policy Mistakes and the Evolution of Inflation Expectations
- 6. Opting Out of the Great Inflation: German Monetary Policy after the Breakdown of Bretton Woods
- 7. Great Inflation and Central Bank Independence in Japan
- 8. The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes
- 9. Bretton Woods and the Great Inflation
- Lessons from History
- The Great Inflation: Lessons for Central Banks
- Understanding Inflation: Lessons of the Past for the Future
- Contributors
- Author Index
- Subject Index
