Introduction
Michael D. Bordo and Athanasios Orphanides
Panel Session I: Pioneering Central Bankers Remember
Practical Experiences in Reducing Inflation: The Case of New Zealand
Don Brash
Practical Experience in Reducing Inflation: The Case of Canada
John Crow
Discussion
I. Early Explanations
1. The Great Inflation: Did the Shadow Know Better?
William Poole, Robert H. Rasche, and David C. Wheelock
Comment: Christina D. Romer
Discussion
2. The Supply-Shock Explanation of the Great Stagflation Revisited
Alan S. Blinder and Jeremy B. Rudd
Discussion
II. New Monetary Policy Explanations
3. The Great Inflation Drift
Marvin Goodfriend and Robert G. King
Comment: Lars E. O. Svensson
Discussion
4. Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation
Andrew Levin and John B. Taylor
Comment: Bennett T. McCallum
Discussion
5. Monetary Policy Mistakes and the Evolution of Inflation Expectations
Athanasios Orphanides and John C. Williams
Comment: Seppo Honkapohja
Discussion
III. Other Countries’ Perspectives
6. Opting Out of the Great Inflation: German Monetary Policy after the Breakdown of Bretton Woods
Andreas Beyer, Vitor Gaspar, Christina Gerberding, and Otmar Issing
Comment: Benjamin M. Friedman
Discussion
7. Great Inflation and Central Bank Independence in Japan
Takatoshi Ito
Comment: Frederic S. Mishkin
8. The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes
Riccardo DiCecio and Edward Nelson
Comment: Matthew D. Shapiro
Discussion
IV. International Perspectives
9. Bretton Woods and the Great Inflation
Michael D. Bordo and Barry Eichengreen
Comment: Allan H. Meltzer
Discussion
Panel Session II: Lessons from History
Lessons from History
Donald L. Kohn
The Great Inflation: Lessons for Central Bank
Lucas Papademos
Understanding Inflation: Lessons of the Past for the Future
Harold James
Discussion
Contributors
Author Index
Subject Index