The Great Inflation: The Rebirth of Modern Central Banking

Contents (vii)......Page 7
Preface (xi)......Page 10
Bordo & Orphanides — Introduction (1)......Page 12
Panel Session I: Pioneering Central Bankers Remember (23)......Page 34
Brash — Practical Experiences in Reducing Inflation: The Case of New Zealand (25)......Page 35
Crow — Practical Experiences in Reducing Inflation: The Case of Canada (37)......Page 47
Discussion (57)......Page 66
I. Early Explanations (59)......Page 68
1. Poole, Rasche, & Wheelock — The Great Inflation: Did the Shadow Know Better? (61)......Page 69
Romer — Comment (107)......Page 115
Discussion (116)......Page 124
2. Blinder & Rudd — The Supply-Shock Explanation of the Great Stagflation Revisited (119)......Page 127
Discussion (175)......Page 183
II. New Monetary Policy Explanations (179)......Page 187
3. Goodfriend & King — The Great Inflation Drift (181)......Page 188
Svensson — Comment (209)......Page 216
Discussion (213)......Page 220
4. Levin & Taylor — Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation (217)......Page 223
McCallum — Comment (244)......Page 250
Discussion (250)......Page 256
5. Orphanides & Williams — Monetary Policy Mistakes and the Evolution of Inflation Expectations (255)......Page 260
Honkapohja — Comment (288)......Page 293
Discussion (293)......Page 298
III. Other Countries’ Perspectives (299)......Page 303
6. Beyer, Gaspar, Gerberding, & Issing — Opting Out of the Great Inflation: German Monetary Policy after the Breakdown of Bretton Woods (301)......Page 304
Friedman — Comment (346)......Page 349
Discussion (354)......Page 357
7. Ito — Great Inflation and Central Bank Independence in Japan (357)......Page 360
Mishkin — Comment (388)......Page 391
8. DiCecio & Nelson — The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes (393)......Page 396
Shapiro — Comment (438)......Page 441
Discussion (441)......Page 444
IV. International Perspectives (447)......Page 449
9. Bordo & Eichengreen — Bretton Woods and the Great Inflation (449)......Page 450
Meltzer — Comment (489)......Page 490
Discussion (493)......Page 494
Panel Session II: Lessons from History (497)......Page 498
Kohn — Lessons from History (499)......Page 499
Papademos — The Great Inflation: Lessons for Central Banks (503)......Page 503
James — Understanding Inflation: Lessons of the Past for the Future (513)......Page 512
Discussion (517)......Page 516
Contributors (519)......Page 517
Author Index (523)......Page 520
Subject Index (529)......Page 525