The great inflation : the rebirth of modern central banking / edited by Michael D. Bordo and Athanasios Orphanides.

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Includes bibliographical references.

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.

Preface; Introduction; Practical Experiences in Reducing Inflation: The Case of New Zealand; Practical Experiences in Reducing Inflation: The Case of Canada; 1. The Great Inflation: Did the Shadow Know Better?; 2. The Supply- Shock Explanation of the Great Stagflation Revisited; 3. The Great Inflation Drift; 4. Falling Behind the Curve: A Positive Analysis of Stop- Start Monetary Policies and the Great Inflation; 5. Monetary Policy Mistakes and the Evolution of Inflation Expectations; 6. Opting Out of the Great Inflation: German Monetary Policy after the Breakdown of Bretton Woods.

7. Great Inflation and Central Bank Independence in Japan8. The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes; 9. Bretton Woods and the Great Inflation; Lessons from History; The Great Inflation: Lessons for Central Banks; Understanding Inflation: Lessons of the Past for the Future; Contributors; Author Index; Subject Index.

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