may arise. Ex-ante, the central bank chooses the socially optimal level of inflation. Ex-post, however, the central bank … chooses inflation above the social optimum to reduce the real value of private debt. This inefficient outcome arises when …

the End of theof the 1960s to the early 1980s -- Chapter 4. The Inflation Wave from the Late 1960s onward -- Chapter 5 …In light of the resurgence of inflation in developed industrialised countries following a period of inordinately low … inflation, this book analyses the causes and devastating effects of inflation by drawing lessons from the past. Focusing on the …

interpret the evolution of the central bank independence from the Great Inflation and during the Great Moderation – i.e. from …