BiblioVault - Books about Price regulation

The Costs and Benefits of Price Stability

Edited by Martin Feldstein

University of Chicago Press, 1999

In recent years, the Federal Reserve and central banks worldwide have enjoyed remarkable success in their battle against inflation. The challenge now confronting the Fed and its counterparts is how to proceed in this newly benign economic environment: Should monetary policy seek to maintain a rate of low-level inflation or eliminate inflation altogether in an effort to attain full price stability?

In a seminal article published in 1997, Martin Feldstein developed a framework for calculating the gains in economic welfare that might result from a move from a low level of inflation to full price stability. The present volume extends that analysis, focusing on the likely costs and benefits of achieving price stability not only in the United States, but in Germany, Spain, and the United Kingdom as well. The results show that even small changes in already low inflation rates can have a substantial impact on the economic performance of different countries, and that variations in national tax rules can affect the level of gain from disinflation.

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Regulatory Justice

Implementing a Wage-Price Freeze

Robert A. Kagan

Russell Sage Foundation, 1978

Regulatory Justice is based on a case study of two closely linked federal agencies—the Cost of Living Council (CLC) and the Office of Emergency Preparedness (OEP)—which administered a nationwide wage-price freeze in 1971.

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Shock Values

Prices and Inflation in American Democracy

Carola Binder

University of Chicago Press, 2024

How inflation and deflation fears shape American democracy.

Many foundational moments in American economic history—the establishment of paper money, wartime price controls, the rise of the modern Federal Reserve—occurred during financial panics as prices either inflated or deflated sharply. The government’s decisions in these moments, intended to control price fluctuations, have produced both lasting effects and some of the most contentious debates in the nation’s history.

A sweeping history of the United States’ economy and politics, Shock Values reveals how the American state has been shaped by a massive, ever-evolving effort to insulate its economy from the real and perceived dangers of price fluctuations. Carola Binder narrates how the pains of rising and falling prices have brought lasting changes for every generation of Americans. And with each brush with price instability, the United States has been reinvented—not as a more perfect union, but as a reflection of its most recent failures.

Shock Values tells the untold story of prices and price stabilization in the United States. Expansive and enlightening, Binder recounts the interest-group politics, legal battles, and economic ideas that have shaped a nation from the dawn of the republic to the present.

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A Theory of Price Control

With a New Introduction by the Author

John Kenneth Galbraith

Harvard University Press, 1952

Galbraith supplies the underlying economic ideas that will help readers understand how particular controls affect general operation of the economy. He shows why price controls during World War II worked as well as they did and analyzes the criteria for effective price control both under a fully mobilized economy and under limited mobilization.

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