영문목차
Contents
Figures ix
Preface xiii
1 The Pragmatinc Evolution of the Monetary Standard 1
2 Learning and Policy Ambiguity 6
3 From Gold to Fiat Money 11
4 From World War II to the Accode 34
Appendix: Series on the Real Interest Rate 45
5 Martin and Lean-against-the-Wind 49
6 Inflation Is a Nonmonetary Phenomenon 60
7 The Start of the Great Inflation 67
8 Arthur Burns and Richard Nixon 77
Appendix: Monetary Policy Procedures under Burns 96
Appendix: Money Growth and Inflation 99
9 Bretton Woods 100
10 Policy in the Ford Administration 108
11 Carter,Burns, and Miller 117
12 The Political Economy of Inflation 132
Appendix: Revenue from the Inflation Tax 148
13 The Volcker Disinflation 150
Appendix: Octorber 6, 1979, Operating Prcedures 166
14 Monetary Policy after the Disinflation 172
Appendix: borrowed-Reserves Operating Procedures 190
Appendix: Monetary Policy Actions in 1986 191
Appendix; Velocity-Adjusted M2 Growth 194
15 Greenspan's Move to Price Stabiltiy 196
16 International Bailouts and Moral Hazard 206
Appendix: Seigniorage and Credit Allocation 215
17 Monetary Policy Becomes Expansionary 218
18 Departing from the Standard Procedures 227
19 Boom and Bust: 1997-2001 234
20 Backing Off from Price Stability 244
Appendix: Japanese Deflationand Central Bank Money Ceration 250
21 The Volcker-Grenspan Regime 252
Appendix: An Empirical Overview of the V-G Regime 265
Appendix: FOMC Data 269
22 The Fed: Inflation Fighter or Inflation Creator? 272
Appendix: Talyor Rule Estimation 276
23 The Stop-Go Laboratory 280
24 Stop-Go and Interest Rate Inertia 287
Appendix: A Taxonomy of Stop-Go 295
Appendis: Data Seen by FOMC for Stop-Go Period 302
25 Monetary Nonneurtarlity in the Stop-go Era 303
26 A Century of Monetary Experiments 311
Appendix 319
Notes 325
Bibliography 357
Index 379