20th century
academics
allocation of resources
business
canada
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central banks
developing world
economic institutions
economics
economy
efficient planning
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fiscal authorities
germany
governing
government
great inflation
history
interest rates
japan
macroeconomics
monetary policy
new zealand
policymakers
price stability
price-monitoring mechanisms
raising productivity
regulation
stagflation
stop-start policies
united kingdom
Product details
- ISBN 9780226066950
- Weight: 936g
- Dimensions: 16 x 24mm
- Publication Date: 28 Jun 2013
- Publisher: The University of Chicago Press
- Publication City/Country: US
- Product Form: Hardback
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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. This volume focuses on understanding the causes of the Great Inflation of the 1970s and '80s, which saw rising inflation in many nations and propelled interest rates across the developing world into the double digits. Ever since, the immediate cause of the period's rise in inflation has been extensively debated. 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. Contributors map monetary policy from the 1960s to the present, shedding light on how the lessons of the Great Inflation were absorbed and applied to today's global and increasingly complex economic environment.
Michael D. Bordo is professor of economics at Rutgers, the State University of New Jersey, and a research associate of the NBER. Athanasios Orphanides is a senior lecturer at the Massachusetts Institute of Technology's Sloan School of Management and a senior fellow of the Center for Financial Studies at the Goethe University Frankfurt.
