Carola Binder on the History of Inflation, the Fed Framework Review, and the Promise of Nominal GDP Targeting
Macro Musings with David Beckworth
Historical Price Stability in the U.S.
This chapter examines the historical context of price stability in the United States, exploring various methods used to stabilize prices, including monetary policy and government regulation. It discusses the socio-economic impacts of inflation and deflation on different groups, especially during wartime, and the resultant public sentiment. Additionally, the chapter reflects on the complexities of price stability, the influence of the gold standard, and how both historical circumstances and policy decisions have shaped the price levels over time.
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