Almost eleven years ago to the day, Anna Schwartz and we began a detailed study of inflation under the Bretton Woods System and in the year that immediately followed its breakdown. At the time, the consensus view among economists and in a sizeable portion of the financial community was that...

Popular wisdom informs us that one of the prime victims of the American financial deregulation of the last decade has been the demand for money function. While there is some evidence that the demise of standard monetary relations has been oversold (see Rasche 1987, 1988, and Darby, Mascaro, and...

Inflation became the dominant economic, social, and political problem of the industrialized West during the 1970s. This book is about how the inflation came to pass and what can be done about it. Certain to provoke controversy, it is a major source of new empirical information and theoretical...