MARC Record from Library of Congress

LEADER: 02025cam a22003257a 4500
001 2006615835
003 DLC
005 20061003090552.0
007 cr |||||||||||
008 061002s2006 mou sb f000 0 eng
010 $a 2006615835
040 $aDLC$cDLC
043 $aa-ja---$ae-gx---
050 00 $aHB1
100 1 $aNelson, Edward,$d1971-
245 14 $aThe great inflation and early disinflation in Japan and Germany$h[electronic resource] /$cby Edward Nelson.
260 $a[St. Louis, Mo.] :$bFederal Reserve Bank of St. Louis,$c[2006]
490 1 $aWorking paper ;$v2006-052A
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 10/2/2006.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"This paper considers the Great Inflation of the 1970s in Japan and Germany. From 1975 onward these countries had low inflation relative to other large economies. Traditionally, this success is attributed to a stronger discipline on the part of Japan and Germany's monetary authorities--for example, more willingness to accept temporary unemployment, or stronger determination not to monetize government deficits. I instead attribute the success of these countries from the mid-1970s to their governments' and monetary authorities' acceptance that inflation is a monetary phenomenon. Symmetrically, their higher inflation in the first half of the 1970s is attributable to the fact that their policymakers over this period embraced nonmonetary theories of inflation"--Federal Reserve Bank of St. Louis web site.
650 0 $aInflation (Finance)$zJapan.
650 0 $aInflation (Finance)$zGermany.
653 $agreat Inflation;$amonetary targeting;$aincomes policy
710 2 $aFederal Reserve Bank of St. Louis.
830 0 $aWorking paper (Federal Reserve Bank of St. Louis : Online) ;$v2006-052A.
856 40 $uhttp://research.stlouisfed.org/wp/more/2006-052/