Monetary Policy and the Great Inflation in the United States: The Federal Reserve and the Failure of Macroeconomic Policy, 1965-79 / Edition 1

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This unique book deals with the most serious macroeconomic failure experienced in the US in the post-war period, 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. Monetary Policy and the Great Inflation in the United States will be welcomed by economists, political scientists and economic historians interested in monetary policy.
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Editorial Reviews

Mayer (economics, emeritus, U. of California-Davis) analyzes the great inflation of the late 1960s and 1970s using documentary evidence, including minutes, memos, and reports, as well as interviews with people who were closely involved in making policy decisions. He concludes that much of the responsibility for the policies lies with academic economists who, he believes, underestimated the dangers of inflation and encouraged the Federal Reserve to focus on an unattainable employment goal. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9781858989532
  • Publisher: Edward Elgar Publishing Ltd.
  • Publication date: 3/1/1999
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 168

Table of Contents

List of figures
List of tables
1 Introduction 1
2 Forecasts of macroeconomic variables 18
3 Controlling the monetary aggregates 26
4 Cognitive errors 48
5 Political pressures 64
6 Controls and the Committee on Interest and Dividends 83
7 Economists' thinking and the FOMC 91
8 Conclusion 117
App. A The Federal Open Market Committee 126
App. B Supply shocks in the 1973-5 period 128
App. C Background of FOMC participants cited 134
References 135
Glossary 144
Index 147
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