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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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Origins of Inflation

Origins of Inflation

Monetary, Fiscal, and Financial Links

(p.33) Chapter 2 Origins of Inflation
Remembering Inflation

Brigitte Granville

Princeton University Press

This chapter begins with a review of historical examples that shaped the thinking of economists about the importance for effective monetary policy of understanding the link between inflation and public debt. The threat to monetary policy from high levels of government indebtedness stems from the temptation to use monetary policy to erode or eliminate public debt. The chapter examines this area of thinking with particular reference to the episode of very high inflation in Russia in the 1990s, since that episode clearly demonstrates the links between fiscal and financial conditions and monetary factors in bringing about high inflation. It concludes by considering the question of whether the Sargent and Wallace analysis is well validated by the experience of mature economies.

Keywords:   inflation, monetary policy, macroeconomic policy, fiscal policy, Russia, public debt, Sargent and Wallace

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