Monetary Policy and the Great Inflation in the United States: The Federal Reserve and the Failure of Macroeconomic Policy, 1965-79
'Monetary Policy and the Great Inflation in the United States is a very enlightening description of how monetary policy led to the Great Inflation. Professor Mayer displays his typically thorough analytical skills and clear writing style while describing a wealth of source level evidence regarding the thought process of monetary policymakers.' - Stephen J. Perez, EH.NET 'His [Thomas Mayer's] research shows both how easily monetary policy can be led astray by dubious economic theories, and how difficult it is to change direction once a policy has been established . . . This book contains much information and insight about Federal Reserve policy making . . . I recommend it to readers interested in the macroeconomic history of the 1970s or the history of Federal Reserve policy making in general.' - David C. Wheelock, Journal of Economic History This unique book deals with the most serious macroeconomic failure experienced in the US in the post-war period and the great inflation of the late 1960s and 1970s. It is the first detailed analysis, using Federal Reserve documents, of the thinking behind the inflationary monetary policy during this period.
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List of figures
Forecasts of macroeconomic variables
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academic economists aggregate demand Andrew Brimmer argued Arthur Burns cent central banks chairman changes Chapter Committee Congr congress cost-push inflation Daane defense expenditures discussed econometric economic economists errors estimates expansionary policy expectations explain factors Fed policy Fed's Federal funds rate Federal Reserve Bank Fisher effect FOMC meetings FOMC members FOMC participants FOMC's forecasts free reserves governors Gramley Hargrove and Morley increase inflation rate inflationary influence Interviews long-run M-l and M-2 MacLaury Maisel major Minutes monetarist monetary aggregates monetary growth rate monetary policy money growth money stock money supply Moreover NAIRU nominal interest rates oil shock Partee period Phillips curve policy index political business cycles political pressures price controls price level problem quarter rate of money reason response restrictive policy result rise September 1974 short-run staff economist supply shocks tion trade-off unemployment unemployment rate variables wage and price White House