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Remembering Inflation$
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Brigitte Granville

Print publication date: 2013

Print ISBN-13: 9780691145402

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691145402.001.0001

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The End of a Mirage

The End of a Mirage

More Money Increases Inflation but Not Employment

Chapter:
(p.1) Chapter 1 The End of a Mirage
Source:
Remembering Inflation
Author(s):

Brigitte Granville

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691145402.003.0001

This chapter describes the learning trajectory that led economists and policymakers to regard controlling inflation as a priority and to pursue this goal of greater price stability more effectively. It focuses on one particular episode in the history of macroeconomic controversy—namely, how a set of economic ideas shifted the general conduct of monetary policy that had prevailed since John Hicks's interpretation (1937) of John Maynard Keynes' The General Theory of Employment, Interest and Money (1936). This “new” thinking about inflation and monetary policy reacted against the contemporary orthodoxy because the prevailing theory had proved to be unsatisfactory in analyzing the changing nature of the economy.

Keywords:   economists, inflation control, macroeconomic policy, price stability, economic theory, monetary policy

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