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The Great InflationThe Rebirth of Modern Central Banking$
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Michael D. Bordo and Athanasios Orphanides

Print publication date: 2013

Print ISBN-13: 9780226066950

Published to Chicago Scholarship Online: September 2013

DOI: 10.7208/chicago/9780226043555.001.0001

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Understanding Inflation Lessons of the Past for the Future

Understanding Inflation Lessons of the Past for the Future

Chapter:
(p.513) Understanding Inflation Lessons of the Past for the Future
Source:
The Great Inflation
Author(s):

James Harold

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226043555.003.0015

This chapter presents a panel discussion with Harold James of Princeton University. James had discussed the nonmonetary aspects of great inflations in the past—of inflation as a way to buy social peace in a politically precarious environment. Viewing inflation as a monetary phenomenon was the key to its resolution both in Germany in the 1920s and in the Great Inflation of the 1970s. The development of inflation targeting is the culmination of this process. James warned of the difficulties of measuring inflation, especially of the role of asset price booms.

Keywords:   panel discussion, Great Inflation, social peace, monetary policy, inflation targeting

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