Worldwide Inflation: Theory and Recent Experience

Worldwide Inflation: Theory and Recent Experience

Worldwide Inflation: Theory and Recent Experience

Worldwide Inflation: Theory and Recent Experience

Excerpt

INFLATION, an ancient affliction, has hardly been ignored by economists in the past. Yet the inflationary surge of the 1970s, which reached a peak in mid-1974, seemed different from most earlier peacetime episodes. It was both more virulent and more widespread, permeating industrialized and developing countries alike. Inflation continues at a high rate in many countries even though economic activity is sluggish and unemployment is high.

These developments have prompted much broad-based research. Economists have increasingly recognized that recent inflation has been a global and not merely a national disease, but much of their research still tends to reflect a national approach and to prescribe parochial, temporary, and often self- defeating remedies. The search for a more comprehensive diagnosis and for anti-inflationary policies that really work has suffered from the continued proclivity to view inflation almost solely from national perspectives.

Accordingly, in November 1974, the Brookings Institution organized a conference of international experts from the United States, Asia, Latin America, and Europe to review the state of knowledge concerning the causes and possible cures for inflation and to study the attempts of different countries to deal with it. Lawrence B. Krause and Walter S. Salant, both senior fellows in the Brookings Economic Studies program, and C. Fred Bergsten, a senior fellow in the Brookings Foreign Policy Studies program, served as cochairmen of the conference. This volume, the first of a Brookings series on world- wide inflation, includes the thirteen papers prepared for the conference, along with formal comments on the papers and summaries of the conference discussion. The papers have been extensively revised and updated to reflect debate at the conference and subsequent developments.

To define the issues as clearly as possible, the contributors of the first four . . .

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.