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Great Inflation The Rebirth of Modern Central Banking

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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 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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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