collapse of the Bretton Woods system between 1971 and 1973 was rising U.S. inflation since 1965. It was driven in turn by … imports and a ninety day wage price freeze—was that U.S. inflation, driven by macro policies, was the main problem facing the … Federal Reserve Chairman Arthur F. Burns, Nixon adopted wage and price controls to mask the inflation, hence punting the …

We argue that the Great Inflation experienced by both the United Kingdom and the United States in the 1970s has an … common doctrine underlying the systematic monetary policy choices in each country. The nonmonetary approach to inflation …

successful at describing the history of U.S. inflation. Motivated by these observations, I ask: Can we understand the history of … U.S. inflation using a framework that ignores monetary frictions? The fiscal theory of the price level allows us to … history of U.S. inflation with a fiscal-theory, frictionless view. I show how the fiscal theory can accommodate the stylized …

108.6 percent. Inflation reduced this ratio about 40 percent within a decade. Yet there are some important differences … inflate. It suggests that when economic growth is stalled, the U.S. debt overhang may trigger an increase in inflation of … about 5 percent for several years. This additional inflation would significantly reduce the debt ratio, even with some …

Monetary policies in the U.S., Japan, Germany and the United Kingdom over the period 1973-1986 are compared and … Bundesbank and the Bank of Japan each focus on one money target, described by the Bundesbank as a target, and by the Bank of … Japan as a projection. None of the countries has stuck rigorously to the targets, though the Bank of Japan has come close …

instrument and target variables. The time spans examined are 1962-1998 for the U.S. and U.K., and 1972-1998 for Japan. In …

liberalization of restrictions on capital mobility in Japan since the late 1970s on market efficiency …

. Perhaps the most interesting finding is that the Bank of Japan appears to react to inflation over longer forecast horizons as …We study the post-war evidence for Japan to see if the same specification for both the economy and the monetary policy … rule is useful for understanding Japan's economy and monetary policy. A recurrent theme in the literature on Japanese …