Great Inflation The Rebirth of Modern Central Banking

Name: Great Inflation The Rebirth of Modern Central Banking
Price: 128.63 USD
Availability: InStock
ISBN: 9780226066950

ISBN-10: 0226066959

ISBN-13: 9780226066950

Edition: N/A

Authors: Michael D. Bordo, Athanasios Orphanides

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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…

Book details

Publisher: University of Chicago Press
Publication date: 6/28/2013
Binding: Hardcover
Pages: 592
Size: 6.50" wide x 9.50" long x 1.25" tall
Weight: 1.936
Language: English



Preface


Introduction




Pioneering Central Bankers Remember


Practical Experiences in Reducing Inflation: The Case of New Zealand



Practical Experiences in Reducing Inflation: The Case of Canada



Discussion



Early Explanations



The Great Inflation: Did the Shadow Know Better?



Comment: Christina D. Romer


Discussion



The Supply-Shock Explanation of the Great Stagflation Revisited



Discussion



New Monetary Policy Explanations



The Great Inflation Drift



Comment: Lars E. O. Svensson


Discussion



Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation



Comment: Bennett T. McCallum


Discussion



Monetary Policy Mistakes and the Evolution of Inflation Expectations



Comment: Seppo Honkapohja


Discussion



Other Countries' Perspectives



Opting Out of the Great Inflation: German Monetary Policy after the Breakdown of Bretton Woods



Comment: Benjamin M. Friedman


Discussion



Great Inflation and Central Bank Independence in Japan



Comment: Frederic S. Mishkin



The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes



Comment: Matthew D. Shapiro


Discussion



International Perspectives



Bretton Woods and the Great Inflation



Comment: Allan H. Meltzer


Discussion



Lessons from History


Lessons from History



The Great Inflation: Lessons for Central Banks



Understanding Inflation: Lessons of the Past for the Future



Discussion


Contributors


Author Index


Subject Index