5. Monetary Policy Mistakes and the Evolution of Inflation Expectations

Chapters in this book

1. Frontmatter i
2. Contents vii
3. Preface xi
4. Introduction 1
5. Panel Session I: Pioneering Central Bankers Remember
6. Practical Experiences in Reducing Inflation: The Case of New Zealand 25
7. Practical Experiences in Reducing Inflation: The Case of Canada 37
8. I. Early Explanations
9. 1. The Great Inflation: Did the Shadow Know Better? 61
10. 2. The Supply- Shock Explanation of the Great Stagflation Revisited 119
11. II. New Monetary Policy Explanations
12. 3. The Great Inflation Drift 181
13. 4. Falling Behind the Curve: A Positive Analysis of Stop- Start Monetary Policies and the Great Inflation 217
14. 5. Monetary Policy Mistakes and the Evolution of Inflation Expectations 255
15. III. Other Countries’ Perspectives
16. 6. Opting Out of the Great Inflation: German Monetary Policy after the Breakdown of Bretton Woods 301
17. 7. Great Inflation and Central Bank Independence in Japan 357
18. 8. The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes 393
19. IV. International Perspectives
20. 9. Bretton Woods and the Great Inflation 449
21. Panel Session II. Lessons from History
22. Lessons from History 499
23. The Great Inflation: Lessons for Central Banks 503
24. Understanding Inflation: Lessons of the Past for the Future 513
25. Contributors 519
26. Author Index 523
27. Subject Index 529