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Overview"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." Full Product DetailsAuthor: Brigitte GranvillePublisher: Princeton University Press Imprint: Princeton University Press Dimensions: Width: 15.20cm , Height: 2.30cm , Length: 23.50cm Weight: 0.539kg ISBN: 9780691145402ISBN 10: 0691145407 Pages: 296 Publication Date: 28 July 2013 Audience: College/higher education , Professional and scholarly , Tertiary & Higher Education , Professional & Vocational Format: Hardback Publisher's Status: Active Availability: Temporarily unavailable  The supplier advises that this item is temporarily unavailable. It will be ordered for you and placed on backorder. Once it does come back in stock, we will ship it out to you. Language: English Table of ContentsPreface ix Acronyms xv Chapter 1 The End of a Mirage More Money Increases Inflation but Not Employment 1 Chapter 2 Origins of Inflation Monetary, Fiscal, and Financial Links 33 Chapter 3 Ending Inflation Without Prolonged Recession Introducing Credibility 54 Chapter 4 The Coordination of Monetary and Fiscal Policy 93 Chapter 5 Who Is Voting for Low Inflation and Why? 125 Chapter 6 Monetary and Financial Stability Conflict or Complementarity 154 Chapter 7 Inflation in an Open World Does That Change the Rules? 186 Conclusion Adapting to Expectations 214 References 223 Index 255Reviews[A] highly informative, well-written volume. -- Choice 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. -- World Book Industry [A] highly informative, well-written volume. -- Choice Author InformationBrigitte Granville is professor of international economics and economic policy at Queen Mary University of London. Her books include Sovereign Debt: Origins, Crises, and Restructuring. Tab Content 6Author Website:Countries AvailableAll regions |
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