The Great Inflation: The Rebirth of Modern Central BankingMichael D. Bordo, Athanasios Orphanides University of Chicago Press, 28 juin 2013 - 592 pages 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. |
Table des matières
1 | |
Panel Session I Pioneering Central Bankers Remember | 23 |
I Early Explanations | 59 |
II New Monetary Policy Explanations | 179 |
III Other Countries Perspectives | 299 |
IV International Perspectives | 447 |
Panel Session II Lessons from History | 497 |
Contributors | 519 |
523 | |
529 | |
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Expressions et termes fréquents
aggregate demand argued balance of payments Bank of Japan bank’s Bretton Woods Bretton Woods system Bundesbank Burns Burns’s central bank Chairman chapter coeflicient core inflation cost-push CPI inflation deficit defined disinflation Economic energy prices episode equation estimates exchange rate expected inflation federal funds rate Federal Reserve Bank figure financial find first fiscal FOMC forecast governor growth rate increase infla inflation expectations inflation rate inflation target inflationary influence Journal lagged macroeconomic Maintain Maintain Maintain Meltzer misperceptions monetarist monetary base monetary policy monetary targeting money demand money growth targets money stock natural rate nominal interest rate oflicial oil prices oil shocks OPEC optimal control Orphanides output gap percent percentage points period Phillips curve policymakers potential output price stability real interest rate reflected rise Romer significant simulations SOMC specification supply shocks Taylor rule tightening tion Treasury trend inflation unemployment rate variable wage