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The Great Inflation
The Rebirth of Modern Central Banking
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Edited by:
Michael D. Bordo
Language:
English
Published/Copyright:
2013
About this book
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.
Author / Editor information
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. He is a former governor of the Central Bank of Cyprus.
Reviews
"Macroeconomists cannot run controlled experiments, but they can do a much better job of identifying and elucidating the extraordinary range of experiments that central banks have delivered. The Great Inflation is a terrific example."
— EH.net“Regardless of one’s views, this volume is essential reading for academics and policymakers and its resonance for the problems that central banks and the fiscal authorities face today is very real.”
— Journal of Economic History“A common theme in the book is the critical role that political and economic institutions can play in shaping a country’s inflation experience. The general view is that central banks have been less independent than commonly perceived and that political support for price stability is essential. . . . The thoughtful discussions of the various institutional arrangements and the uneven progress in some countries toward central bank independence are particularly interesting and perhaps the most compelling aspect of the book.”
— Eastern Economic JournalTopics
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Michael D. Bordo and Athanasios Orphanides Requires Authentication Unlicensed Licensed |
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Panel Session I: Pioneering Central Bankers Remember
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Don Brash Requires Authentication Unlicensed Licensed |
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John Crow Requires Authentication Unlicensed Licensed |
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I. Early Explanations
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William Poole, Robert H. Rasche and David C. Wheelock Requires Authentication Unlicensed Licensed |
61 |
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Alan S. Blinder and Jeremy B. Rudd Requires Authentication Unlicensed Licensed |
119 |
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II. New Monetary Policy Explanations
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Marvin Goodfriend and Robert G. King Requires Authentication Unlicensed Licensed |
181 |
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Andrew Levin and John B. Taylor Requires Authentication Unlicensed Licensed |
217 |
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Athanasios Orphanides and John C. Williams Requires Authentication Unlicensed Licensed |
255 |
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III. Other Countries’ Perspectives
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Andreas Beyer, Vitor Gaspar, Christina Gerberding and Otmar Issing Requires Authentication Unlicensed Licensed |
301 |
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Takatoshi Ito Requires Authentication Unlicensed Licensed |
357 |
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Riccardo DiCecio and Edward Nelson Requires Authentication Unlicensed Licensed |
393 |
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IV. International Perspectives
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Michael D. Bordo and Barry Eichengreen Requires Authentication Unlicensed Licensed |
449 |
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Panel Session II. Lessons from History
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Donald L. Kohn Requires Authentication Unlicensed Licensed |
499 |
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Lucas Papademos Requires Authentication Unlicensed Licensed |
503 |
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Harold James Requires Authentication Unlicensed Licensed |
513 |
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519 |
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523 |
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529 |
Publishing information
Pages and Images/Illustrations in book
eBook published on:
June 28, 2013
eBook ISBN:
9780226043555
Pages and Images/Illustrations in book
Main content:
592
Other:
10 halftones, 84 line drawings, 35 tables
eBook ISBN:
9780226043555
Keywords for this book
macroeconomics; economy; government; governing; regulation; price stability; policymakers; price-monitoring mechanisms; efficient planning; allocation of resources; raising productivity; great inflation; economics; 20th century; history; business; interest rates; developing world; monetary policy; central banks; academics; fiscal authorities; economic institutions; new zealand; stagflation; stop-start policies; canada; germany; japan; united kingdom
Audience(s) for this book
Professional and scholarly;
