Money And Inflation632

Preview 632

Money and Inflation: Evidence 632

German Hyperinflation, 1921-1923 633

Recent Episodes of Rapid Inflation 633

Meaning of Inflation 634

Views of Inflation 635

Monetarist View 635

Keynesian View 636

Summary 638

Origins of Inflationary Monetary Policy 638

High Employment Targets and Inflation 639

Budget Deficits and Inflation 643

Application Explaining the Rise in U.S. Inflation, 1960-1980 646

Activist/Nonactivist Policy Debate 650

Responses to High Unemployment 650

Activist and Nonactivist Positions 651

Expectations and the Activist/Nonactivist Debate 652

Box 1 Perils of Accommodating Policy: The Terrorism Dilemma 654

Rules Versus Discretion: Conclusions 654

Application Importance of Credibility to Volcker's Victory over Inflation 655

Summary, Key Terms, Questions and Problems, and Web Exercises 655

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