ISBN:
9781035303823
Language:
English
Pages:
1 Online-Ressource (ix, 151 pages)
,
illustrations
Parallel Title:
Erscheint auch als
Parallel Title:
Elektronische Reproduktion von Mayer, Thomas, 1927 - Monetary policy and the great inflation in the United States
DDC:
332.4/973
Keywords:
Federal Reserve System
;
Federal Reserve System
;
Board of Governors of the Federal Reserve System (U.S.)
;
1965-1979
;
Inflation
;
Geldpolitik
;
Zentralbank
;
Wirtschaftspolitik
;
USA
;
Monetary policy History
;
Inflation (Finance) History
;
Monetary policy United States
;
History
;
20th century
;
United States Economic policy 1961-1971
;
United States Economic policy 1971-1981
;
USA
;
Wirtschaftspolitik
;
Inflation
;
Geschichte 1965-1979
;
Federal Reserve System Board of Governors
;
Geldpolitik
;
Geschichte 1965-1979
Abstract:
This unique book deals with the most serious macroeconomic failure experienced in the US in the post-war period and the great inflation of the late 1960s and 1970s. It is the first detailed analysis, using Federal Reserve documents, of the thinking behind the inflationary monetary policy during this period. The book examines documentary evidence, including minutes, memos and reports and interviews with people who were closely involved in making policy decisions, to explain the monetary policy that led to this inflation. Thomas Mayer considers forecasting errors and wage and price controls in his attempt to explain why the inflation occurred and places some of the blame on ineffective operating procedures, institutional inefficiencies, and political pressures on the Federal Reserve. The author concludes that much of the responsibility for the mistaken policies lies with academic economists who underestimated the dangers of inflation and encouraged the Federal Reserve to focus on an unattainable employment goal. Monetary Policy and the Great Inflation in the United States will be welcomed by economists, political scientists and economic historians interested in monetary policy
Description / Table of Contents:
Contents: 1. Introduction -- 2. Forecasts of macroeconomic variables -- 3. Controlling the monetary aggregates -- 4. Cognitive errors -- 5. Political pressures -- 6. Controls and the committee on interest and dividends -- 7. Economists' thinking and the fomc -- 8. Conclusion -- Appendix a: The federal open market committee -- Appendix b: Supply shocks in the 1973-5 period -- Appendix c: Background of fomc participants cited -- References -- Glossary -- Index.
Note:
Includes bibliographical references and index
URL:
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URL:
Deutschlandweit zugänglich
URL:
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