The Great Inflation Of The Seventies

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The Great Inflation

Author : Michael D. Bordo
Publisher : University of Chicago Press
ISBN 13 : 0226066959
Total Pages : 545 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis The Great Inflation by : Michael D. Bordo

Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The Great Inflation and Its Aftermath

Author : Robert J. Samuelson
Publisher : Random House Trade Paperbacks
ISBN 13 : 0812980042
Total Pages : 353 pages
Book Rating : 4.8/5 (129 download)

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Book Synopsis The Great Inflation and Its Aftermath by : Robert J. Samuelson

Download or read book The Great Inflation and Its Aftermath written by Robert J. Samuelson and published by Random House Trade Paperbacks. This book was released on 2010-01-26 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Great Inflation in the 1960s and 1970s, notes award-winning columnist Robert J. Samuelson, played a crucial role in transforming American politics, economy, and everyday life. The direct consequences included stagnation in living standards, a growing belief—both in America and abroad—that the great-power status of the United States was ending, and Ronald Reagan’s election to the presidency in 1980. But that is only half the story. The end of high inflation led to two decades of almost uninterrupted economic growth, rising stock prices and ever-increasing home values. Paradoxically, this prolonged prosperity triggered the economic and financial collapse of 2008 and 2009 by making Americans—from bank executives to ordinary homeowners—overconfident, complacent, and careless. The Great Inflation and its Aftermath, Samuelson contends, demonstrated that we have not yet escaped the boom-and-bust cycles common in the nineteenth and early twentieth centuries. This is a sobering tale essential for anyone who wants to understand today’s world.

Economic Policy and the Great Stagflation

Author : Alan S. Blinder
Publisher : Elsevier
ISBN 13 : 1483264564
Total Pages : 244 pages
Book Rating : 4.4/5 (832 download)

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Book Synopsis Economic Policy and the Great Stagflation by : Alan S. Blinder

Download or read book Economic Policy and the Great Stagflation written by Alan S. Blinder and published by Elsevier. This book was released on 2013-09-11 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Policy and the Great Stagflation discusses the national economic policy and economics as a policy-oriented science. This book summarizes what economists do and do not know about the inflation and recession that affected the U.S. economy during the years of the Great Stagflation in the mid-1970s. The topics discussed include the basic concepts of stagflation, turbulent economic history of 1971-1976, anatomy of the great recession and inflation, and legacy of the Great Stagflation. The relation of wage-price controls, fiscal policy, and monetary policy to the Great Stagflation is also elaborated. This publication is beneficial to economists and students researching on the history of the Great Stagflation and policy errors of the 1970s.

The Politics of Inflation and Economic Stagnation

Author : Leon Lindberg
Publisher : Brookings Institution Press
ISBN 13 : 9780815723677
Total Pages : 646 pages
Book Rating : 4.7/5 (236 download)

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Book Synopsis The Politics of Inflation and Economic Stagnation by : Leon Lindberg

Download or read book The Politics of Inflation and Economic Stagnation written by Leon Lindberg and published by Brookings Institution Press. This book was released on 1985-06-01 with total page 646 pages. Available in PDF, EPUB and Kindle. Book excerpt: The inflation of the 1970s represented the greatest peacetime disruption of the Western economies since the Depression. Even as inflation receded, the recession in its wake brought more joblessness than at any time since the 1930s. The governments of industrialized nations found that the economic policies they had developed since World War II no longer assured price stability or high employment. What are the lessons of over a decade of economic difficulty? In this conference volume, which focuses on aspects of the crisis that economists often presuppose to be beyond control, the authors analyze the political and social underpinning of inflation and recession. Part 1 places the economic problems of the 1970s in the historical context of postwar development and then compares economic and political science analyses of inflation. Part 2 examines how rivalries between social groups affect inflationary processes. One chapter draws on the history of Latin American inflation to suggest the conflicts in play. Two others weigh the role of labor and industry in the formation of economic policy. And another shows how rivalry between countries, like rivalry between classes at home, permitted inflation to rise. The chapters in part 3 contest the claim that big government or big labor causes inflation. Two studies emphasize that a high degree of public expenditure does not itself lead to inflation. Further contributions explore the role of central banks and subject such concepts as the political business cycle to critical analysis. Part 4 comprises case studies about macroeconomic policymaking in four nations: Italy, Germany, Japan, and Sweden. The studies reveal what institutional attributes rendered those countries resistant to inflation or vulnerable to economic setback. In the last part, the editors pull together the findings and lay out the contemporary political feasibility of alternative approaches to macroeconomic management.

Remembering Inflation

Author : Brigitte Granville
Publisher : Princeton University Press
ISBN 13 : 0691145407
Total Pages : 290 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Remembering Inflation by : Brigitte Granville

Download or read book Remembering Inflation written by Brigitte Granville and published by Princeton University Press. This book was released on 2013-07-28 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why we need to heed the lessons of high inflation Today's global economy, with most developed nations experiencing very low inflation, seems a world apart from the "Great Inflation" that spanned the late 1960s to early 1980s. Yet, in this book, Brigitte Granville makes the case that monetary economists and policymakers need to keep the lessons learned during that period very much in mind, lest we return to them by making the same mistakes we made in the past. Granville details the advances in macroeconomic thinking that gave rise to the "Great Moderation"—a period of stable inflation and economic growth, which lasted from the mid-1980s through the most recent financial crisis. She makes the case that the central banks' management of monetary policy—hinging on expectations and credibility—brought about this period of stability, and traces the roots of this success back to the eighteenth-century foundations of modern monetary thought. Tackling fundamental questions such as the causes of inflation and its relation to unemployment and growth, the natural rate of inflation hypothesis, the fiscal theory of the price level, and the proper goals of central banks, the book aims above all to demonstrate the dangers of forgetting the role of credibility in establishing sound monetary policy. With the lessons of the past firmly in mind, Granville presents stimulating ideas and proposals about inflation-targeting principles, which provide tools for present-day monetary authorities dealing with the forces of globalization, mercantilism, and reserve accumulation.

Pivotal Decade

Author : Judith Stein
Publisher : Yale University Press
ISBN 13 : 0300163290
Total Pages : 482 pages
Book Rating : 4.3/5 (1 download)

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Book Synopsis Pivotal Decade by : Judith Stein

Download or read book Pivotal Decade written by Judith Stein and published by Yale University Press. This book was released on 2010-05-25 with total page 482 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this fascinating new history, Judith Stein argues that in order to understand our current economic crisis we need to look back to the 1970s and the end of the age of the factory--the era of postwar liberalism, created by the New Deal, whose practices, high wages, and regulated capital produced both robust economic growth and greater income equality. When high oil prices and economic competition from Japan and Germany battered the American economy, new policies--both international and domestic--became necessary. But war was waged against inflation, rather than against unemployment, and the government promoted a balanced budget instead of growth. This, says Stein, marked the beginning of the age of finance and subsequent deregulation, free trade, low taxation, and weak unions that has fostered inequality and now the worst recession in eighty years. Drawing on extensive archival research and covering the economic, intellectual, political, and labor history of the decade, Stein provides a wealth of information on the 1970s. She also shows that to restore prosperity today, America needs a new model: more factories and fewer financial houses. --Publisher's description.

Reducing Inflation

Author : Christina D. Romer
Publisher : University of Chicago Press
ISBN 13 : 0226724832
Total Pages : 434 pages
Book Rating : 4.2/5 (267 download)

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Book Synopsis Reducing Inflation by : Christina D. Romer

Download or read book Reducing Inflation written by Christina D. Romer and published by University of Chicago Press. This book was released on 2007-12-01 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: While there is ample evidence that high inflation is harmful, little is known about how best to reduce inflation or how far it should be reduced. In this volume, sixteen distinguished economists analyze the appropriateness of low inflation as a goal for monetary policy and discuss possible strategies for reducing inflation. Section I discusses the consequences of inflation. These papers analyze inflation's impact on the tax system, labor market flexibility, equilibrium unemployment, and the public's sense of well-being. Section II considers the obstacles facing central bankers in achieving low inflation. These papers study the precision of estimates of equilibrium unemployment, the sources of the high inflation of the 1970s, and the use of non-traditional indicators in policy formation. The papers in section III consider how institutions can be designed to promote successful monetary policy, and the importance of institutions to the performance of policy in the United States, Germany, and other countries. This timely volume should be read by anyone who studies or conducts monetary policy.

Inflation Expectations

Author : Peter J. N. Sinclair
Publisher : Routledge
ISBN 13 : 1135179778
Total Pages : 402 pages
Book Rating : 4.1/5 (351 download)

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Book Synopsis Inflation Expectations by : Peter J. N. Sinclair

Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.

The 1970s

Author : Thomas Borstelmann
Publisher : Princeton University Press
ISBN 13 : 069115791X
Total Pages : 416 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis The 1970s by : Thomas Borstelmann

Download or read book The 1970s written by Thomas Borstelmann and published by Princeton University Press. This book was released on 2013-02-24 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: A compelling framework for understanding the importance of the 1970s for America and the world The 1970s looks at an iconic decade when the cultural left and economic right came to the fore in American society and the world at large. While many have seen the 1970s as simply a period of failures epitomized by Watergate, inflation, the oil crisis, global unrest, and disillusionment with military efforts in Vietnam, Thomas Borstelmann creates a new framework for understanding the period and its legacy. He demonstrates how the 1970s increased social inclusiveness and, at the same time, encouraged commitments to the free market and wariness of government. As a result, American culture and much of the rest of the world became more—and less—equal. Borstelmann explores how the 1970s forged the contours of contemporary America. Military, political, and economic crises undercut citizens' confidence in government. Free market enthusiasm led to lower taxes, a volunteer army, individual 401(k) retirement plans, free agency in sports, deregulated airlines, and expansions in gambling and pornography. At the same time, the movement for civil rights grew, promoting changes for women, gays, immigrants, and the disabled. And developments were not limited to the United States. Many countries gave up colonial and racial hierarchies to develop a new formal commitment to human rights, while economic deregulation spread to other parts of the world, from Chile and the United Kingdom to China. Placing a tempestuous political culture within a global perspective, The 1970s shows that the decade wrought irrevocable transformations upon American society and the broader world that continue to resonate today.

International Dimensions of Monetary Policy

Author : Jordi Galí
Publisher : University of Chicago Press
ISBN 13 : 0226278875
Total Pages : 663 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis International Dimensions of Monetary Policy by : Jordi Galí

Download or read book International Dimensions of Monetary Policy written by Jordi Galí and published by University of Chicago Press. This book was released on 2010-03-15 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.

The Seventies

Author : Bruce J. Schulman
Publisher : Simon and Schuster
ISBN 13 : 0743219481
Total Pages : 353 pages
Book Rating : 4.7/5 (432 download)

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Book Synopsis The Seventies by : Bruce J. Schulman

Download or read book The Seventies written by Bruce J. Schulman and published by Simon and Schuster. This book was released on 2001-08-07 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most of us think of the 1970s as an "in-between" decade, the uninspiring years that happened to fall between the excitement of the 1960s and the Reagan Revolution. A kitschy period summed up as the "Me Decade," it was the time of Watergate and the end of Vietnam, of malaise and gas lines, but of nothing revolutionary, nothing with long-lasting significance. In the first full history of the period, Bruce Schulman, a rising young cultural and political historian, sweeps away misconception after misconception about the 1970s. In a fast-paced, wide-ranging, and brilliant reexamination of the decade's politics, culture, and social and religious upheaval, he argues that the Seventies were one of the most important of the postwar twentieth-century decades. The Seventies witnessed a profound shift in the balance of power in American politics, economics, and culture, all driven by the vast growth of the Sunbelt. Country music, a southern silent majority, a boom in "enthusiastic" religion, and southern California New Age movements were just a few of the products of the new demographics. Others were even more profound: among them, public life as we knew it died a swift death. The Seventies offers a masterly reconstruction of high and low culture, of public events and private lives, of Jonathan Livingston Seagull, Evel Knievel, est, Nixon, Carter, and Reagan. From The Godfather and Network to the Ramones and Jimmy Buffett; from Billie jean King and Bobby Riggs to Phyllis Schlafly and NOW; from Proposition 13 to the Energy Crisis; here are all the names, faces, and movements that once filled our airwaves, and now live again. The Seventies is powerfully argued, compulsively readable, and deeply provocative.

A History of Big Recessions in the Long Twentieth Century

Author : Andrés Solimano
Publisher : Cambridge University Press
ISBN 13 : 1108485049
Total Pages : 241 pages
Book Rating : 4.1/5 (84 download)

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Book Synopsis A History of Big Recessions in the Long Twentieth Century by : Andrés Solimano

Download or read book A History of Big Recessions in the Long Twentieth Century written by Andrés Solimano and published by Cambridge University Press. This book was released on 2020-02-20 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the array of financial crises, slumps, depressions and recessions that happened around the globe during the twentieth and early twenty-first centuries. It covers events including World War I, hyperinflation and market crashes in the 1920s, the Great Depression of the 1930s, stagflation of the 1970s, the Latin American debt crises of the 1980s, the post-socialist transitions in Central Eastern Europe and Russia in the 1990s, and the great financial crisis of 2008-09. In addition to providing wide geographic and historical coverage of episodes of crisis in North America, Europe, Latin America and Asia, the book clarifies basic concepts in the area of recession economics, analysis of high inflation, debt crises, political cycles and international political economy. An understanding of these concepts is needed to comprehend big recessions and slumps that often lead to both political change and the reassessment of prevailing economic paradigms.

Economist in an Uncertain World

Author : Wyatt C. Wells
Publisher : Columbia University Press
ISBN 13 : 9780231084963
Total Pages : 360 pages
Book Rating : 4.0/5 (849 download)

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Book Synopsis Economist in an Uncertain World by : Wyatt C. Wells

Download or read book Economist in an Uncertain World written by Wyatt C. Wells and published by Columbia University Press. This book was released on 1994 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Posits that an examination of Burns' tenure as the Chairman of the powerful Federal Reserve Board during most of the 1970s helps to explain the U.S. economy today.

If We Can Keep It

Author : Michael Tomasky
Publisher : National Geographic Books
ISBN 13 : 1631497855
Total Pages : 0 pages
Book Rating : 4.6/5 (314 download)

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Book Synopsis If We Can Keep It by : Michael Tomasky

Download or read book If We Can Keep It written by Michael Tomasky and published by National Geographic Books. This book was released on 2020-06-30 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A game-changing account of the deep roots of political polarization in America, including an audacious fourteen-point agenda for how to fix it. Why has American politics fallen into such a state of horrible dysfunction? Can it ever be fixed? These are the questions that motivate Michael Tomasky’s deeply original examination into the origins of our hopelessly polarized nation. “One of America’s finest political commentators” (Michael J. Sandel), Tomasky ranges across centuries and disciplines to show how America has almost always had two dominant parties that are existentially, and often violently, opposed. When he turns to our current era, he does so with striking insight that will challenge readers to reexamine what they thought they knew. Finally, not content merely to diagnose these problems, Tomasky offers a provocative agenda for how we can help fix our broken political system—from ranked-choice voting and at-large congressional elections to expanding high school civics education nationwide. Combining revelatory data with trenchant analysis, Tomasky tells us how the nation broke apart and points us toward a more hopeful political future.

Disequilibrium

Author : Steven Ricchiuto
Publisher : Greenleaf Book Group Press
ISBN 13 : 9781626343962
Total Pages : pages
Book Rating : 4.3/5 (439 download)

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Book Synopsis Disequilibrium by : Steven Ricchiuto

Download or read book Disequilibrium written by Steven Ricchiuto and published by Greenleaf Book Group Press. This book was released on 2016-12-20 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Economics of Worldwide Stagflation

Author : Michael Bruno
Publisher :
ISBN 13 : 9780674493032
Total Pages : 336 pages
Book Rating : 4.4/5 (93 download)

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Book Synopsis Economics of Worldwide Stagflation by : Michael Bruno

Download or read book Economics of Worldwide Stagflation written by Michael Bruno and published by . This book was released on 2013-10 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book sets forth both a theory and a comparative empirical analysis of stagflation, that peculiar combination of high unemployment, slow growth, and spurts of high inflation bedeviling the advanced industrial nations during the past fifteen years. The authors first construct a small macroeconomic model that takes full account of aggregate demand and supply forces in the determination of output, employment, and the price level, in both a single-economy and a multi-economy setting. They then apply the model to provide an understanding of comparative performance of industrial countries in the areas of unemployment, inflation, productivity, and investment growth. They argue convincingly that the decay of the major economies during this period resulted from the supply shocks of the 1970s, such as the two major OPEC oil-price increases, and from the consequent policy-induced decrease in demand in response to inflationary pressures. Their analysis differs markedly from similar studies in that it takes specific account of institutional differences in the labor markets of the various economies. This helps to explain in particular the divergent adjustment profiles of the United States and Europe. Bruno and Sachs make several key recommendations for the mix of demand management and incomes policies necessary to combat stagflation in individual countries as well as for the coordination of macroeconomic policies among the major industrial nations.

Stocks for the Long Run, 4th Edition

Author : Jeremy J. Siegel
Publisher : McGraw Hill Professional
ISBN 13 : 0071643923
Total Pages : 407 pages
Book Rating : 4.0/5 (716 download)

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Book Synopsis Stocks for the Long Run, 4th Edition by : Jeremy J. Siegel

Download or read book Stocks for the Long Run, 4th Edition written by Jeremy J. Siegel and published by McGraw Hill Professional. This book was released on 2007-12-18 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stocks for the Long Run set a precedent as the most complete and irrefutable case for stock market investment ever written. Now, this bible for long-term investing continues its tradition with a fourth edition featuring updated, revised, and new material that will keep you competitive in the global market and up-to-date on the latest index instruments. Wharton School professor Jeremy Siegel provides a potent mix of new evidence, research, and analysis supporting his key strategies for amassing a solid portfolio with enhanced returns and reduced risk. In a seamless narrative that incorporates the historical record of the markets with the realities of today's investing environment, the fourth edition features: A new chapter on globalization that documents how the emerging world will soon overtake the developed world and how it impacts the global economy An extended chapter on indexing that includes fundamentally weighted indexes, which have historically offered better returns and lower volatility than their capitalization-weighted counterparts Insightful analysis on what moves the market and how little we know about the sources of big market changes A sobering look at behavioral finance and the psychological factors that can lead investors to make irrational investment decisions A major highlight of this new edition of Stocks for the Long Run is the chapter on global investing. With the U.S. stock market currently holding less than half of the world's equity capitalization, it's important for investors to diversify abroad. This updated edition shows you how to create an “efficient portfolio” that best balances asset allocation in domestic and foreign markets and provides thorough coverage on sector allocation across the globe. Stocks for the Long Run is essential reading for every investor and advisor who wants to fully understand the market-including its behavior, past trends, and future influences-in order to develop a prosperous long-term portfolio that is both safe and secure.