| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/h0084
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| 来源ID | Historical Working Paper 0084
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| America's Only Peacetime Inflation: The 1970s |
| J. Bradford De Long
|
| 发表日期 | 1996-05-01
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| 出版年 | 1996
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| 语种 | 英语
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| 摘要 | The 1970s were America's only peacetime inflation, as uncertainty about prices made every business decision a speculation on monetary policy. In magnitude, the total rise in the price level from the spurt in inflation to the five-to-ten percent per year range in the 1970s was as large as the jumps in prices from the major wars of this century. The truest cause of the 1970s inflation was the shadow of the Great Depression. The memory left by the Depression predisposed the left and center to think that any unemployment was too much, and eliminated any mandate the Federal Reserve might have had for controlling inflation by risking unemployment. The Federal Reserve gained, or regained, its mandate to control inflation at the risk of unemployment during the 1970s as discontent built over that decade's inflation. It is hard to see how the Federal Reserve could have acquired such a mandate without an unpleasant lesson like the inflation of the 1970s. Thus the memory of the Great Depression meant that the U.S. was highly likely to suffer an inflation like the 1970s in the post-World War II period þ maybe not as long, and maybe not in that particular decade, but nevertheless an inflation of recognizably the same genus. |
| 主题 | Macroeconomics
; Monetary Policy
; History
; Macroeconomic History
|
| URL | https://www.nber.org/papers/h0084
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563023
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推荐引用方式
GB/T 7714 |
J. Bradford De Long. America's Only Peacetime Inflation: The 1970s. 1996.
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文件名：
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h0084.pdf
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格式：
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Adobe PDF
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