Great Inflations of the 20th Century

Pierre L. SiklosBusiness & Economics
Great Inflations of the 20th Century

Author: Pierre L. Siklos

Publisher: Edward Elgar Publishing

ISBN: 1781956359

Category: Business & Economics

Page: 344

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'. . . the book contains an interesting collection of articles. . .' - Jan Kakes, De Economist 'In short Pierre Siklos has put together a book that is informative, thought provoking, and fun to read.' - Bruce D. Smith, Journal of Economic History The problems associated with chronically high inflation and hyperinflation continue to preoccupy policy makers and economists. In Great Inflations of the 20th Century, Pierre Siklos has gathered together major papers by a distinguished group of scholars who use historical episodes to understand and explain a key issue.

21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19

Ben S. BernankeBusiness & Economics
21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19

Author: Ben S. Bernanke

Publisher: W. W. Norton & Company

ISBN: 9781324020479

Category: Business & Economics

Page: 512

View: 772

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21st Century Monetary Policy takes readers inside the Federal Reserve, explaining what it does and why. In response to the COVID-19 pandemic, the Federal Reserve deployed an extraordinary range of policy tools that helped prevent the collapse of the financial system and the U.S. economy. Chair Jerome Powell and his colleagues lent directly to U.S. businesses, purchased trillions of dollars of government securities, pumped dollars into the international financial system, and crafted a new framework for monetary policy that emphasized job creation. These strategies would have astonished Powell’s late-20th-century predecessors, from William McChesney Martin to Alan Greenspan, and the advent of these tools raises new questions about the future landscape of economic policy. In 21st Century Monetary Policy, Ben S. Bernanke—former chair of the Federal Reserve and one of the world’s leading economists—explains the Fed’s evolution and speculates on its future. Taking a fresh look at the bank’s policymaking over the past seventy years, including his own time as chair, Bernanke shows how changes in the economy have driven the Fed’s innovations. He also lays out new challenges confronting the Fed, including the return of inflation, cryptocurrencies, increased risks of financial instability, and threats to its independence. Beyond explaining the central bank’s new policymaking tools, Bernanke also captures the drama of moments when so much hung on the Fed’s decisions, as well as the personalities and philosophies of those who led the institution.

A New Look at Historical Monetary Policy and the Great Inflation Through the Lens of a Persistence-Dependent Policy Rule

Richard A. Ashley
A New Look at Historical Monetary Policy and the Great Inflation Through the Lens of a Persistence-Dependent Policy Rule

Author: Richard A. Ashley

Publisher:

ISBN: OCLC:1304265748

Category:

Page: 55

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The origins of the Great Inflation, a central 20th century U.S. macroeconomic event, remain contested. Prominent explanations are poor forecasts or deficient activity gap estimates. An alternative view: the FOMC was unwilling to fight inflation, perhaps due to political pressures. Our findings, based on a novel approach, support the latter view. New econometric tools allow us to credibly identify the particular activity gap, if any, in use. Persistence-dependent unemployment (gap) responses in the 1970s were essentially the same pre- and post-Volcker. Conversely, FOMC behavior vis-à-vis inflation--also persistence-dependent--changed markedly starting with Volcker, consistent with (though not proving) the political pressures view.

The Economics Of Inflation - A Study Of Currency Depreciation In Post War Germany

Costantino Bresciani-TurroniBusiness & Economics
The Economics Of Inflation - A Study Of Currency Depreciation In Post War Germany

Author: Costantino Bresciani-Turroni

Publisher: Read Books Ltd

ISBN: 9781446547885

Category: Business & Economics

Page: 472

View: 171

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The depreciation of the mark of 1914?23, which is the subject of this work, is one of the outstanding episodes in the history of the twentieth century. Not only by reason of its magnitude but also by reason of its effects, it looms large on our horizon. It was the most colossal thing of its kind in history: and, next probably to the Great War itself, it must bear responsibility for many of the political and economic difficulties of our generation. It destroyed the wealth of the more solid elements in German society: and it left behind a moral and economic disequilibrium, apt breeding ground for the disasters which have followed. Hitler is the foster-child of the inflation. The financial convulsions of the Great Depression were, in part at least, the product of the distortions of the system of international borrowing and lending to which its ravages had given rise. If we are to understand correctly the present position of Europe, we must not neglect the study of the great German inflation. If we are to plan for greater stability in the future, we must learn to avoid the mistakes from which it sprang. There is another reason why the history of this episode is peculiarly significant to students of the social sciences. Accidents to the body politic, like accidents to the physical body, often permit observations of a kind which would not be possible under normal conditions. In peaceful times we may speculate concerning the consequences of violent change. But we are naturally precluded from verifying our conclusions: we cannot upset the smooth current of things for the advancement of abstract knowledge. But when disturbance takes place, it is sometimes possible to snatch good from evil and to obtain insight into the working of processes which are normally concealed. No doubt there are dangers here. We must not ignore the possibility that the processes thus revealed are themselves abnormal: we must not infer, for instance, that propositions which apply to large inflations necessarily apply, without modification, to small inflations. But the dangers are clear: it is net difficult to keep them in mind and to guard against them. And the opportunities of fruitful research are enormous. In this matter of the depreciation of the mark, there is hardly any branch of the theory of economic dynamics which is not illuminated by examination of its grim events. For both these reasons, therefore, I hope that this book will obtain a wide circulation among the English-speaking public.

Monetary Regimes and Inflation

Peter BernholzBusiness & Economics
Monetary Regimes and Inflation

Author: Peter Bernholz

Publisher: Edward Elgar Publishing

ISBN: 9781784717636

Category: Business & Economics

Page: 240

View: 821

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Exploring the characteristics of inflations and comparing historical cases from Roman times up to the modern day, this book provides an in depth discussion of the subject. It analyses the high and moderate inflations caused by the inflationary bias of

Routledge Handbook of Major Events in Economic History

Randall E. ParkerBusiness & Economics
Routledge Handbook of Major Events in Economic History

Author: Randall E. Parker

Publisher: Routledge

ISBN: 9781135080808

Category: Business & Economics

Page: 456

View: 598

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The Handbook of Major Events in Economic History aims to introduce readers to the important macroeconomic events of the past two hundred years. The chapters endeavour to explain what went on and why during the most significant economic epochs of the nineteenth, twentieth and early twenty-first centuries and how where we are today fits in this historical timeline. Its short chapters reflect the most up-to-date research and are written by well-known economists who are authorities on their subjects. The Handbook of Major Events in Economic History was written with the intent of presenting the professional consensus in explaining the economics driving these historical events.

The Great Disorder

Gerald D. FeldmanBusiness & Economics
The Great Disorder

Author: Gerald D. Feldman

Publisher: Oxford University Press

ISBN: 9780199880195

Category: Business & Economics

Page: 1040

View: 409

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This book presents a comprehensive study of the most famous and spectacular instance of inflation in modern industrial society--that in Germany during and following World War I. A broad, probing narrative, this book studies inflation as a strategy of social pacification and economic reconstruction and as a mechanism for escaping domestic and international indebtedness. The Great Disorder is a study of German society under the tension of inflation and hyperinflation, and it explores the ways in which Germany's hyperinflation and stabilization were linked to the Great Depression and the rise of National Socialism. This wide-ranging study sets German inflation within the broader issues of maintaining economic stability, social peace, and democracy and thus contributes to the general history of the twentieth century and has important implications for existing and emerging market economies facing the temptation or reality of inflation.

Inflation and Disinflation in Turkey

Faruk SelcukSocial Science
Inflation and Disinflation in Turkey

Author: Faruk Selcuk

Publisher: Routledge

ISBN: 9781351739276

Category: Social Science

Page: 190

View: 494

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This title was first published in 2002. Since the 1990s Turkey has experienced a number of disasters, both physical and economic. The result has been a decrease in economic performance compared to other European states. This study addresses the country's ongoing economic struggles.

The Great Inflation and Its Aftermath

Robert J. SamuelsonBusiness & Economics
The Great Inflation and Its Aftermath

Author: Robert J. Samuelson

Publisher: Random House

ISBN: 9781588366924

Category: Business & Economics

Page: 352

View: 209

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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.

Quantitative Easing as a Highway to Hyperinflation

Imad A. MoosaBusiness & Economics
Quantitative Easing as a Highway to Hyperinflation

Author: Imad A. Moosa

Publisher: World Scientific

ISBN: 9789814504928

Category: Business & Economics

Page: 377

View: 489

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This book addresses the topical issue of whether the current environment in the US and other major countries, where quantitative easing is used to boost the economy, is conducive to the emergence of hyperinflation. This is a controversial and highly debated issue. Using both economics and history, the author challenges the view that quantitative easing will not lead to hyperinflation and argues that hyperinflation, or at least high inflation, is likely to appear eventually. The book examines all the propositions put forward for and against the eventuality of hyperinflation in the US, using illustrations based on actual and simulated data. The analysis leads to the conclusion that the current fiscal position of the US government, particularly the levels of external debt and unfunded liabilities, will not be rectified without resorting to inflationary financing. The book would be useful not only for policy makers and economists but also for non-specialist observers.

The Open Economy Macromodel: Past, Present and Future

Arie ArnonBusiness & Economics
The Open Economy Macromodel: Past, Present and Future

Author: Arie Arnon

Publisher: Springer Science & Business Media

ISBN: 9781461510758

Category: Business & Economics

Page: 342

View: 789

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The impetus for the conference that was the basis for this volume emanated from the influence of two brilliant minds-Egon Sohmen and Adam Klug, who both died at an early age, leaving their families and the professions of economics and economic history with major voids. In the course of research on the origins of Open Economy Macroeconomics, the significant contributions of Egon Sohmen came to the fore. After correspondence with some of those involved in the early development of the Open Economy Macromodel, we turned to Adam Klug for his views on the matter-as he had dealt with the history of intertemporal trade models in his Ph. D. thesis. And it was Adam who suggested the idea of a conference bringing together economists and economic historians. At this point we want to acknowledge the very generous grant from the Egon Sohmen Foundation and the active participation of Dr. Helmut Sohmen and Mrs. Renee Sohmen at the conference. We also want to thank Prof. Sir Aaron Klug, Nobel Laureate, and the Klug family for their support and the financial contribution of the Adam Klug Memorial Lecture Fund at Ben Gurion University. Other institutions that contributed to the conference were the Gianni Foundation; Bank of Israel; University of North Carolina; Department of Economics, Faculty of Social Science and Aharon Meir Center for Banking, Bar Ilan University; Department of Economics and Faculty of Social Science, Ben-Gurion University of the Negev.