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The Costs and Benefits of Price Stability
In recent years, the Federal Reserve and central banks worldwide have enjoyed remarkable success in their battle against inflation. The challenge now confronting the Fed and its counterparts is how to proceed in this newly benign economic environment: Should monetary policy seek to maintain a rate of low-level inflation or eliminate inflation altogether in an effort to attain full price stability? In a seminal article published in 1997, Martin Feldstein developed a framework for calculating the gains in economic welfare that might result from a move from a low level of inflation to full price stability. The present volume extends that analysis, focusing on the likely costs and benefits of achieving price stability not only in the United States, but in Germany, Spain, and the United Kingdom as well. The results show that even small changes in already low inflation rates can have a substantial impact on the economic performance of different countries, and that variations in national tax rules can affect the level of gain from disinflation.
The Great Inflation
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Administrative Histories of U.S. Civilian Agencies, Korean War
Reproduces 178 histories prepared by 21 civilian control agencies involved in administering the mobilization and managing the economy during the period of the Korean War.
The United States Government Manual 2009-2010
The United States Government Manual 2009-2010 provides comprehensive information on the agencies of the legislative, judicial, and executive branches, As well as quasi-official agencies, international organisations in which the United States participates, boards, commissions, and committees. Each agency's description consists of a list of principal officials; a summary statement of the agency's purpose and role in the Federal Government; a brief history of the agency, including its legislative or executive authority; and a description of consumer activities, contracts and grants, employment, and publications.
