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What is Great Inflation of the 1970s Explained about?

This document summarizes a working paper that revisits explanations for the high inflation seen in the United States and United Kingdom during the 1970s, known as the "Great Inflation". The paper argues that the best explanation is the "monetary policy neglect hypothesis", which claims that policymakers at the time did not accept the view that inflation is primarily caused by monetary factors. Instead, policymakers believed other factors like supply shocks and wage-price controls drove inflation. The paper

Author

Rituraj Acharya

Language

EN