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THE THEORY OF INFLATION
The Theory of Inflation presents in one volume a comprehensive description of the historical inflation record, surveys the current state of knowledge on the fundamental forces that cause inflation and the mechanisms that propagate it, and examines the costs of inflation and the problems of achieving price stability.
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Contributors
Contents
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The theory of inflation seeks to explain why inflation occurs and why its rate varies, to explain the co-movements betwen the inflation rate and other variables and to permit the design of mechanisms capable of delivering an optimal inflation path.
The Theory of Inflation presents in one volume a comprehensive description of the historical inflation record, surveys the current state of knowledge on the fundamental forces that cause inflation and the mechanisms that propagate it, and examines the costs of inflation and the problems of achieving price stability.
Professor Parkin’s selection draws both upon the contribution of mainstream economists - whose work has been based on market demand and supply - and a new generation whose work has emphasized the importance of technology and preferences. This volume, as the introduction states, indicates that there is much of value to be learnt from both approaches.
The Theory of Inflation presents in one volume a comprehensive description of the historical inflation record, surveys the current state of knowledge on the fundamental forces that cause inflation and the mechanisms that propagate it, and examines the costs of inflation and the problems of achieving price stability.
Professor Parkin’s selection draws both upon the contribution of mainstream economists - whose work has been based on market demand and supply - and a new generation whose work has emphasized the importance of technology and preferences. This volume, as the introduction states, indicates that there is much of value to be learnt from both approaches.
Contributors
Contributors include: P. Cagan, N.W. Duck, S. Fischer, P. Howitt, D. Laidler, B.T. McCallum, A.J. Schwartz, T.J. Sargent, N. Wallace
Contents
PART I
THE PHENOMENON TO BE EXPLAINED
1. Anna J. Schwartz (1973), ‘Secular Price Change in Historical Perspective’
2. E.H. Phelps Brown and Sheila V. Hopkins (1956), ‘Seven Centuries of the Prices of Consumables, compared with Builders’ Wage-Rates’
3. Nigel W. Duck (1993), ‘Some International Evidence on the Quantity Theory of Money’
PART II
SURVEYS OF THE THEORY OF INFLATION
4. David Laidler and Michael Parkin (1975), ‘Inflation: A Survey’
5. Bennett T. McCallum (1990), ‘Inflation: Theory and Evidence’
PART III
INFLATION DYNAMICS
6. Philip Cagan (1956), ‘The Monetary Dynamics of Hyperinflation’
7. Maurice Obstfeld and Kenneth Rogoff (1983), ‘Speculative Hyperinflations in Maximizing Models: Can We Rule Them Out?’
8. Thomas J. Sargent and Neil Wallace (1981), ‘Some Unpleasant Monetarist Arithmetic’
PART IV
THE COST OF INFLATION
9. Stanley Fischer (1981), ‘Towards an Understanding of the Costs of Inflation: II’
10. Max Gillman (1993), ‘The Welfare Cost of Inflation in a Cash-in-Advance Economy with Costly Credit’
11. Wouter J. Den Haan (1990), ‘The Optimal Inflation Path in a Sidraiski-Type Model with Uncertainty’
PART V
STOPPING INFLATION
12. Peter Howitt (1990), ‘Zero Inflation as a Long Term Target for Monetary Policy’
13. Thomas J. Sargent (1982), ‘The Ends of Four Big Inflation’s’
14. Yoshio Suzuki (1985), ‘Japan’s Monetary Policy Over the Past 10 Years’
15. Allan H. Meltzer (1993), ‘Some Lessons from the Great Inflation’s’
PART VI
THE POSITIVE THEORY OF MONETARY POLICY
16. Robert J. Barro and David B. Gordon (1983), ‘A Positive Theory of Monetary Policy in a Natural Rate Model’
17. Keith Blackburn and Michael CHRISTENSEN (1989), ‘Monetary Policy and Policy Credibility: Theories and Evidence’
18. David Romer (1993), ‘Openness and Inflation: Theory and Evidence’
19. Jakob De Haan and Jan Egbert Sturm (1992), ‘The Case for Central Bank Independence’
THE PHENOMENON TO BE EXPLAINED
1. Anna J. Schwartz (1973), ‘Secular Price Change in Historical Perspective’
2. E.H. Phelps Brown and Sheila V. Hopkins (1956), ‘Seven Centuries of the Prices of Consumables, compared with Builders’ Wage-Rates’
3. Nigel W. Duck (1993), ‘Some International Evidence on the Quantity Theory of Money’
PART II
SURVEYS OF THE THEORY OF INFLATION
4. David Laidler and Michael Parkin (1975), ‘Inflation: A Survey’
5. Bennett T. McCallum (1990), ‘Inflation: Theory and Evidence’
PART III
INFLATION DYNAMICS
6. Philip Cagan (1956), ‘The Monetary Dynamics of Hyperinflation’
7. Maurice Obstfeld and Kenneth Rogoff (1983), ‘Speculative Hyperinflations in Maximizing Models: Can We Rule Them Out?’
8. Thomas J. Sargent and Neil Wallace (1981), ‘Some Unpleasant Monetarist Arithmetic’
PART IV
THE COST OF INFLATION
9. Stanley Fischer (1981), ‘Towards an Understanding of the Costs of Inflation: II’
10. Max Gillman (1993), ‘The Welfare Cost of Inflation in a Cash-in-Advance Economy with Costly Credit’
11. Wouter J. Den Haan (1990), ‘The Optimal Inflation Path in a Sidraiski-Type Model with Uncertainty’
PART V
STOPPING INFLATION
12. Peter Howitt (1990), ‘Zero Inflation as a Long Term Target for Monetary Policy’
13. Thomas J. Sargent (1982), ‘The Ends of Four Big Inflation’s’
14. Yoshio Suzuki (1985), ‘Japan’s Monetary Policy Over the Past 10 Years’
15. Allan H. Meltzer (1993), ‘Some Lessons from the Great Inflation’s’
PART VI
THE POSITIVE THEORY OF MONETARY POLICY
16. Robert J. Barro and David B. Gordon (1983), ‘A Positive Theory of Monetary Policy in a Natural Rate Model’
17. Keith Blackburn and Michael CHRISTENSEN (1989), ‘Monetary Policy and Policy Credibility: Theories and Evidence’
18. David Romer (1993), ‘Openness and Inflation: Theory and Evidence’
19. Jakob De Haan and Jan Egbert Sturm (1992), ‘The Case for Central Bank Independence’
