This paper studies the Great Inflation in Canada, Australia, and New Zealand. Newspaper coverage and policymakers …' statements are used to analyze the views on the inflation process that led to the 1970s macroeconomic policies, and the different … to use the monetary policy neglect hypothesis, which claims that the Great Inflation occurred because policymakers …

This paper argues that the inflation targeting regime prevailing in the United Kingdom is not the result of a change in …. Instead, the crucial underpinning of U.K. inflation targeting has been an overhaul of doctrine - a changed view of the … inflation dynamics. Contrary to conventional wisdom, changing views on the expected-inflation term in the Phillips curve do not …

This paper considers the Great Inflation of the 1970s in Japan and Germany. From 1975 onward, these countries had low … inflation relative to other large economies. Traditionally, this success is attributed to stronger discipline on the part of … governments' and monetary authorities' acceptance that inflation is a monetary phenomenon. Likewise their higher inflation in the …

This paper considers the Great Inflation of the 1970s in Japan and Germany. From 1975 onward these countries had low … inflation relative to other large economies. Traditionally, this success is attributed to stronger discipline on the part of … governments' and monetary authorities' acceptance that inflation is a monetary phenomenon. Likewise their higher inflation in the …

a solid analytical foundation. Furthermore, Meltzer's account of the shift from the 1970s inflation to the 1980s … monetary policy and inflation. The review also takes issue with Meltzer's account, in his book's epilogue, of the financial …

justified empirically. Both the relation between money and inflation, and between money and aggregate demand, are considered …. Regarding the first relation, it is argued that both the mean and the dynamics of inflation in present-day models are governed … monetary aggregates and inflation in no way requires a direct channel connecting money and inflation. The relevance of money …

incomes policy as the primary weapon against inflation; Sterling M3 targeting in the late 1970s and early 1980s; moves in the … inflation targeting from October 1992. This Paper estimates simple interest rate reaction functions, or ‘Taylor rules’, for … different UK monetary policy regimes. The inflation targeting regime that began in 1992 appears to be the only period that is …

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 …

.K. regime (CPI inflation targeting combined with a floating exchange rate), and adoption of the euro, as monetary policy options …