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Causes and Effects

This volume presents the latest thoughts of a brilliant group of young economists on one of the most persistent economic problems facing the United States and the world, inflation. Rather than attempting an encyclopedic effort or offering specific policy recommendations, the contributors have emphasized the diagnosis of problems and the description of events that economists most thoroughly understand. Reflecting a dozen diverse views—many of which challenge established orthodoxy—they illuminate the economic and political processes involved in this important issue.

Table of Contents


Robert E. Hall

1. Why Stopping Inflation May Be Costly: Evidence from Fourteen Historical Episodes
Robert J. Gordon

2. The Ends of Four Big Inflations 
Thomas J. Sargent

3. United States Inflation and the Choice of Monetary Standard 
Robert J. Barro

4. Explorations in the Gold Standard and Related Policies for Stabilizing the Dollar
Robert E. Hall

5. The Effect of Inflation on the Private Pension System
Jeremy I. Bulow

6. The Disruptive Effect of Inflation on the Organization of Markets
Dennis W. Carlton

7. Inflation, Capital Taxation, and Monetary Policy
Martin Feldstein

8. Adapting to Inflation in the United States Economy
Stanley Fischer

9. United States Inflation and the Dollar 
Jacob A. Frenkel

10. Public Concern about Inflation and Unemployment in the United States: Trends, Correlates, and Political Implications
Douglas A. Hibbs, Jr.

11. Inflation, Corporate Profits, and the Rate of Return to Capital
Jeremy I. Bulow and John B. Shoven

12. The Anatomy of Double-Digit Inflation in the 1970s
Alan S. Blinder

List of Contributors
Author Index
Subject Index

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