{"title":"扩张扼杀了价格稳定:美国货币政策与大通胀的简单统计","authors":"Joshua Miller","doi":"10.2139/ssrn.3920752","DOIUrl":null,"url":null,"abstract":"The Great Inflation was America's most recent bout of permanent excessive price level growth. I review the literature on the subject and construct a model of inflation during the period synthesized from the Phillips Curve and Quantity Theory of Money. I then run regressions to evaluate the relationship between money and inflation during the period. I then test my model, finding money growth to be the most explanatory factor of inflation during the period, or that expansion killed the price stability. Lastly, I conclude with recommendations for future research.","PeriodicalId":176096,"journal":{"name":"Economic History eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2021-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Expansion Killed the Price Stability: Simple Statistics on US Monetary Policy and the Great Inflation\",\"authors\":\"Joshua Miller\",\"doi\":\"10.2139/ssrn.3920752\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The Great Inflation was America's most recent bout of permanent excessive price level growth. I review the literature on the subject and construct a model of inflation during the period synthesized from the Phillips Curve and Quantity Theory of Money. I then run regressions to evaluate the relationship between money and inflation during the period. I then test my model, finding money growth to be the most explanatory factor of inflation during the period, or that expansion killed the price stability. Lastly, I conclude with recommendations for future research.\",\"PeriodicalId\":176096,\"journal\":{\"name\":\"Economic History eJournal\",\"volume\":\"31 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-06-07\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Economic History eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3920752\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic History eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3920752","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Expansion Killed the Price Stability: Simple Statistics on US Monetary Policy and the Great Inflation
The Great Inflation was America's most recent bout of permanent excessive price level growth. I review the literature on the subject and construct a model of inflation during the period synthesized from the Phillips Curve and Quantity Theory of Money. I then run regressions to evaluate the relationship between money and inflation during the period. I then test my model, finding money growth to be the most explanatory factor of inflation during the period, or that expansion killed the price stability. Lastly, I conclude with recommendations for future research.
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